USDINR
On Monday, USDINR likely to commence between 82.40 – 82.50 as dollar climb in early Asian session as Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.91 (82.61 – 82.32) 82.02
THE BANKING AND EUROPE
The euro fell against the dollar, euro zone government bond yields sank and the costs of insuring against bank defaults surged despite assurances from policymakers.
Authorities around the world are on high alert for the fallout from recent turmoil at banks following the collapse in the United States of Silicon Valley Bank (SVB) and Signature Bank and the rescue takeover a week ago of Credit Suisse.
THE GOLD
On Monday, Gold prices retreated as traders locked in profits after a strong run of gains, but remained near key levels hit last week as fears of a global banking crisis kept safe haven demand high.
Bullion prices surged to the over $2,000 last week amid concerns over the next domino to fall among U.S. and European banks, with the yellow metal largely outpacing the dollar as a safe haven asset this year.
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