USDINR
USDINR likely to commence Monday session with in range bound between 74.15 – 74.22 levels despite greenback up on morning trade in Asia although the U.S. inflation data was slightly softer than expected. Investors remained concerned about a tightening monetary policy if the consumer price pressures continue to intensify. Oil Price keep rupee on back foot but on contrary equity market giving some rope to maintain in range bound.
Day Trend: -BULLISH (UPSIDE PRESSURE NEAR 74.30, it seems trend could change).
INTRADAY RANGE – 74.00 (74.12 – 74.25) 74.36
GLOBAL MARKET SENTIMENT
Fresh week in Asia seems little bit cautious as the more virulent Delta variant of the COVID-19 virus continues to spread while central banks contemplate withdrawing their stimulus measures.
Meanwhile, Global shares climbed back towards record highs as investors digested inflation data released by the U.S. during the previous week. The core personal consumption expenditures index grew a smaller-than-expected 0.5% month-on-month in May while growing 3.4% (YoY).
OIL PRICE
On Monday , Oil maintain his winning momentum to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.
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