USDINR
Fresh week fresh start ,On Monday USDINR is likely to commence between 81.80 – 81.90 levels as dollar rebounded from a one-year low as bets on a May rate hike jumped after Federal Reserve officials signalled that there weren’t ready to hoist the white flag on further rate hikes as inflation still remains too hot.
The Reserve Bank of India's (RBI) statistical supplement showed on Friday. India's foreign exchange reserves jumped to $584.76 billion for the week ended April 7, the highest in nine months. The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY
INTRADAY RANGE – 82.12 (81.94 – 81.75) 81.57
THE DOLLAR GAME
The hawkish remarks arrived just days after data showed that headline inflation fell more than expected, but core inflation, which strips out volatile food and energy prices and is more closely watched by the Fed, remained sticky.
Investor focus on the pace of tightening credit conditions has increased amid expectations that a reduction in lending will rein in economic growth, supporting the Fed in its fight against inflation.
THE OIL
Oil prices edged up supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. 2 oil consumer.
THE GOLD
The yellow metal sank nearly 2% on Friday after noted Fed hawk, Governor Christopher Waller, called for more monetary tightening even as recent data showed that U.S. inflation retreated steadily from 40-year highs hit last year.
IMPORTANT EVENT THIS WEEK
1. Earnings season
2. Fed watch
3. PMI data
4. U.K. data
5. China data
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