USDINR
Happy Monday, USDINR is likely to commence a fresh week within range-bound between 77.95 -78.05 levels despite Oil prices tumbling about 6% to a four-week low in early Asia on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.
India's central bank is not behind the curve and is confident of exiting from ultra-loose monetary policy smoothly and ensuring a soft landing for the economy, Governor Shakikanta Das said.
On Friday, Indian shares ended lower to post their biggest weekly decline in more than two years, drubbed by worries that rapid increases in interest rates to tame stubborn inflation could derail economic growth.
THE VOLATILITY
Market volatility has remained elevated with the VIX index seeing the highest weekly close since late April, a theme that goes beyond equities with a spike in FX and rates volatility alongside wider credit spreads.
EURUSD
The euro softened slightly after French President Emmanuel Macron lost control of the National Assembly in legislative elections on Sunday, a major setback that could throw the country into political paralysis.
ASAIN INDICES
On Monday, Asian shares were trying to sustain a rare rally as Wall Street futures made early gains, perhaps hoping a U.S. holiday would provide a break from recent selling, though worries about global recession were never far away.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.16 (78.08 – 77.92) 77.68
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