Forex Analysis

The Indian Rupee’s drama continues despite the RBI’s recent aggressive interventions and regulatory curbs. While these actions have caused the sharpest single-day gains in years, their effect has been wiped out in a matter of days. So why is every RBI move failing to break the Rupee’s downtrend?

Japan’s first intervention in the Forex market in almost two years shows that authorities are serious about preventing the sharp depreciation of the Yen. While the move may work in the short term, any significant reversal of the trend is unlikely because Tokyo has little to no control over the factors that are currently weakening the Yen.

The UAE’s decision to leave OPEC is more than a policy shift. It is a signal that one of the cartel’s most ambitious producers no longer sees quotas as compatible with its long-term strategy, and this could have important implications for Oil.

Dogecoin, Shiba Inu, and Pepe extend their gains this week as improving market sentiment across meme coins supports them. DOGE leads the gains after climbing above $0.115, while SHIB confirms a breakout from its consolidation range, signaling a potential rally ahead.

Bitcoin extending gains above $81,000 at press time on Wednesday fuels a broader market recovery. Bullish sentiment is gaining strength as the excessive short-side liquidations cross $300 million over the last 24 hours. 

Bitcoin, Ethereum, and Ripple extend gains rising over 3.4%, 2%, and 2% respectively so far this week. BTC and ETH are approaching their key resistance zones that could determine their next directional move.