USDINR
On Friday, USDINR seems to commence the session with a firm note between 76.35 – 76.45 levels as the euro retreated from its overnight gains following the European Central Bank's announcement it will phase out its stimulus in the third quarter, while the dollar strengthened after a strong U.S. inflation report.
U.S. consumer prices surged 7.9% year-over-year in February, culminating in the largest annual increase in 40 years. Inflation is poised to accelerate further in the months ahead as Russia's war against Ukraine drives up the costs of crude oil and other commodities.
Bitcoin tumbled an executive order from U.S. President Joe Biden requiring the government to prepare reports on the future of money calmed market fears about an immediate regulatory crackdown on cryptocurrencies.
Prime Minister Narendra Modi's party won India's most populous state with a big majority, according to the count on Thursday of a state assembly vote that could offer clues to the national mood before a 2024 general election.
Indian retail inflation likely slipped marginally in February, thanks to lower food prices, according to economists in a Reuters poll who still warned that surging oil prices will push inflation much higher in the coming months.
The Reserve Bank of India may feel pressure to tackle inflation sooner than it expected following a surge in global commodity prices.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 76.76 (76.49 – 76.21) 75.94
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