USDINR
Happy Monday, Despite RBI Intervention of more than $5 billion dollars last week the rupee keeps trading near all-time lower levels. We are expecting USDINR to commence Monday session between 78.20 – 78.30 levels as the dollar slipped on early trade in Asia and last week posted its first weekly decline this month, as traders pared back bets on where interest rates may peak and brought forward their outlook on the timing of rate cuts to counter a possible recession.
Reserve Bank of India deputy governor Michael Patra said on Friday, that India's retail inflation is likely to breach the mandated inflation target band of 2-6% for three straight quarters but is showing indications of peaking.
In April, Modi had said publicly that the world's most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption.
EURUSD
The EUR/USD rose 0.10% to $1.0562, after tumbling 0.44% last week ended session over disappointing German and French purchasing managers’ index figures, which spurred expectations that the European Central Bank (ECB) might deliver less aggressive monetary policies.
UKRAIN RUSSIA
Russian missiles hit an apartment block and kindergarten in the Ukrainian capital Kyiv on Sunday, in strikes U.S. President Joe Biden condemned as "barbarism" as world leaders gathered in Europe to discuss further sanctions against Moscow.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.54 (78.38 – 78.18) 78.05
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