USDINR
Happy Monday, The Rupee is likely to commence session with weaker note between 82.15 – 82.25 levels as dollar rose major counterpart and was on track for its biggest weekly gain since February, as investors shifted to safe havens after consumer sentiment data fueled concern about the U.S. debt ceiling and monetary policy.
India's April retail inflation eases to 18-month low on softer food price
India cenbank's Das says April inflation gives 'confidence' on monetary policy path
Indian shares extend gains for third straight week ahead of CPI data
India's April retail inflation eases to 4.70%
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - BUY
INTRADAY RANGE – 82.41 (82.26 – 82.11) 81.96
THE US DOLLAR
Dollar gains this week have been multidimensional. The buck has served as a safe harbor from worries about a weak Chinese economy and volatility on Wall Street.
Futures traders see a pause in June, and the fed funds falling later in the year. The Fed's target range stands at 5% to 5.25%, having risen rapidly from 0% since March 2022.
THE GOLD
On Monday, Gold prices edged lower, extending last week’s downtrend as fears of slowing economic growth and high interest rates saw safe haven demand being redirected towards the dollar.
Gold retreated sharply from record highs over the past week as traders locked in recent profits, and also trimmed expectations that the Fed will cut interest rates this year.
THE OIL PRICE
On Friday, Oil prices settled more than 1% lower, falling for the fourth consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China.
On Thursday, The OPEC kept its global oil demand forecast for 2023 unchanged, expecting economic risks to be offset by higher Chinese demand growth.
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