USDINR
Welcome to the Friday session, we are expecting that USDINR commences session between 77.35 -77.45 levels despite Indian retail inflation hitting 8 year high. The Rupee can’t able to go below 77.00 levels against the dollar despite some traders indicating RBI intervene in the FX market.
INDIAN RETAIL INFLATION
Retail inflation (CPI) jumped to an 8-year high of 7.79% in April, as per government data shown on Thursday. The previous high in the consumer price index (CPI)-based retail inflation was recorded at 8.33% in May 2014. Inflation numbers have now been above the upper limit of RBI's 2% - 6% tolerance band for 4 straight months.
US DOLLAR IN THE KING
On Thursday, The dollar climbed to a fresh 20-year high as concerns persisted that central bank actions to drive down high inflation would crimp global economic growth, boosting the currency's safe-haven appeal.
The dollar index rose 0.798% at 104.840 after touching 104.92, its highest level since Dec. 12, 2002.
THE CRYPTO
In crypto-currencies, Bitcoin last fell 0.54% to $28,250.01 after dropping to $25,390.26, its lowest level since December 2020. Ethereum last fell 6.48% to $1,903.73.
THE OIL
On Friday, Oil prices firmed in early trade but were headed for their first weekly losses in three weeks as worries about inflation and China's COVID lockdowns slowing global growth outweighed concerns about dwindling fuel supply from Russia.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 77.83 (77.65 – 77.22) 76.99
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