USDINR
On Wednesday, The Rupee is likely to commence between 81.50 – 81.60 levels against greenback as dollar edged lower after data showed euro zone business activity made a surprise return to modest growth in January, while U.S. business activity shrank for a seventh straight month.
India is likely to peg its nominal gross domestic product growth at around 11% in the annual budget next week, marking a slowdown from its estimate for the current fiscal year due to the prospect of weak exports, two government officials said.
Toxic smog engulfs India's capital every winter, as particles from bonfires of crop stubble and vehicle exhausts hang in the air, but New Delhi is enforcing a ban on coal burning from this month that is forcing industry to shift to biomass.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - BUY FOR LONG TERM
INTRADAY RANGE – 82.15 (81.80 – 81.46) 81.11
THE US
U.S. business activity shrank in January, the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began.
Fed fund futures see only two more quarter-point rate hikes by the Fed to a peak of around 5% by June, before it starts cutting rates later in the year. The Federal Reserve itself has insisted it still has 75 bps of increases in the pipeline.
THE OIL
Crude oil prices slipped on concerns about a global economic slowdown and as preliminary data indicated a bigger than expected build in U.S. oil inventories.
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