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"In addition to a 75 bps hike, the US Fed’s commentary has upped market expectations of a peak rate of 4.4% by the end of the year, and 4.6% by 2023, much higher than previous expectations, prompting traders to take money off the table."

"I believe banks are a bit weak but I am not sure if after such a decline a fresh short is advisable unless you are a very nimble-footed trader."

USDINR has crossed above 81 in the spot market, a fresh all-time high. The up move in the USDINR pair was basically a result of a couple of things -- a) the escalation in the geopolitical instability after Putin’s speech and b) the US FED opting for a very hawkish 75-bps hike.

US Central bank continued with mega-size rate hikes and gave the message they would do everything to bring the inflation down to within their comfort zone of 2 per cent, even if it leads to a path of a painful recession.

Investors always wish to buy shares at a lower price than what they are trading at currently. But, when the shares plunge due to uncertain circumstances, they often get scared to buy and speculate what will happen next.

Two words but conveys tons of insights. This is the single most important factor to determine the health of a lending institution. Gross non-performing assets (GNPA) which is an indicator to gauge asset quality are in their best shape right now.

In particular, analysts said the Fed’s expectation of accelerating economic growth next year, rising to 1.2% from a forecast 0.2% for 2022, was incongruous with such sharply higher interest rates. Analysts at Barclays said the growth projection was “difficult to reconcile” with slowing spending and the “intensifying drag from tightening financial conditions.” As higher rates raise costs for companies, spending falls, hiring slows, and unemployment rises.

But inflation and subsequent rate hikes by the U.S. Federal Reserve led to a wide sell-off in the alternative asset class that dealt a heavy blow to several companies in the sector. Digital asset exchange Coinbase Global Inc and crypto lender BlockFi have been forced to cut jobs, while Singapore-based crypto hedge fund Three Arrows Capital has filed for bankruptcy.

Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase, Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products. Nasdaq has hired Ira Auerbach, a Gemini executive, to lead the new unit

The fall in the foreign exchange reserves can be attributed to a fall in the Foreign Currency Assets (FCA), which is a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI. Foreign currency assets dropped $4.70 billion to $484.90 billion for the same period. Gold reserves fell $458 million to $38.19 billion.