USDINR
Happy Monday, The domestic unit (Rupee) likely to commence session between 82.10-82.20 levels against greenback as dollar rebounded in anticipation of more cues on the U.S. economy from nonfarm payrolls data, while markets dialled back bets on an imminent pause in the Federal Reserve’s rate hike cycle.
Foreign portfolio investors will lose a preferential tax rate on interest from Indian government securities and corporate and foreign currency bonds, a senior tax official said.
Foreign portfolio investors have been enjoying a lower 5% tax on interest earned on bonds since 2013, making investments in the country more attractive. Ending this treatment would require them to pay a 20% tax on interest income from July 1.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY ON DIP
INTRADAY RANGE – 82.86 (82.30 – 81.73) 81.17
THE DOLLAR
The dollar was also supported against a basket of currencies by weakness in the euro and the British pound, after their respective central banks hinted at a potential pause in their rate hike cycles this year.
Most Asian currencies were set for a strong performance previous week, as traders bet that a potential U.S. recession this year could push the Fed into cutting rates by late-2023. But the central bank gave no such indication, and instead hiked interest rates and said it will continue to act against inflation.
THE YUAN
The Chinese yuan fell even as a private survey showed that the country’s massive services sector roared back in January from a four-month lull, after the relaxing of most anti-COVID measures.
THE OIL
On Monday, Oil prices inched up in early trade after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer.
Hey, I know it’s Monday. But it’s also a new day and a new week. And in that lies a new opportunity for something special to happen.
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