USDINR
Happy Monday, The Rupee is most likely to commence the session with a firm note between 75.90 – 76.00 against the greenback as DXY retreats from intraday high, holds onto Friday’s rebound from the one-week low.
Asian share markets started the week in a cautious mood on Monday as investors clung to hopes for an eventual peace deal in Ukraine, but the fighting raged on with no sign of stopping. Turkey's foreign minister said on Sunday that Russia and Ukraine were nearing agreement on "critical" issues and he was hopeful for a ceasefire.
Long oil and commodities were the most crowded trade, and vulnerable to a pullback.
Indian bulk diesel buyers are snapping up diesel from retail stations as pump prices are 25 rupees ($0.33) a litre cheaper than their bulk contract prices, There is a massive surge of demand at fuel stations due to the increased delta of 25 rupees a litre between the retail and industrial price of diesel, leading to heavy diversion of bulk diesel customers to retail outlets.
Japanese Prime Minister Fumio Kishida on Saturday announced a 5 trillion yen ($42 billion) investment in India over the next five years during a meeting with Prime Minister Narendra Modi in New Delhi.
India's macroeconomic fundamentals remain strong but the unfolding global developments pose downside risks in terms of spillover, the Reserve Bank of India.
Day Trend: - UPSIDE SELL
INTRADAY RANGE – 76.31 (76.08 – 75.85) 75.62
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