USDINR
The domestic unit (Rupee) like to commence fresh week with negative note between 73.15-73.25 as greenback held steady after posting its biggest weekly gain in more than a month, as traders closed short positions ahead of a Federal Reserve policy meeting this week.
Day Trend: - BUY ON DIP (BULLISH).
INTRADAY RANGE – 72.86 (73.02 – 73.27) 73.42
DOLLAR INDEX (ADVANCE)
The index has fluctuated as traders weighed if inflationary pressure as the economy reopens after the pandemic could force the Federal Open Market Committee (FOMC) into an earlier tapering of stimulus.
Repeated comments by policy makers that inflation would be transitory calmed those jitters, but markets also now anticipate the Fed may be close to giving clues on the timing for slimming its asset-purchase programme.
OIL PRICE (ADVANCE)
Oil prices held near multi-year highs, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Vehicle traffic is returning to pre-pandemic levels in North America and much of Europe and more planes are in the air as lockdowns and other restrictions are being eased, driving three weeks of gains for the oil benchmarks.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, need to increase output to meet recovering demand, the International Energy Agency (IEA) said in its monthly report on Friday.
BITCOIN
Bitcoin’s succession of sharp corrections from its all-time high at $64,900 has turned investor sentiment negative, at least for the short-term. While some analysts believe the bottom may have been hit, others are warning of a further fall due to the “Death Cross” pattern that, at the time of writing, is on the verge of completion.
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