USDINR
It’s Not Happy Monday; Brent Oil trading is Asian Session at $130 per barrel. It seems that the Rupee is likely to commence the session with a weaker note above 76.50 -76.60 levels against the greenback as the euro extended its slide, hitting parity against the safe-haven Swiss franc, and commodities of all stripes were on the rise as the Russian-Ukraine conflict showed no sign of cooling.
Oil prices soared more than 10% in hectic trading on Monday as the risk of a U.S. and European ban on Russian products and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. Brent was quoted at $130.84, while U.S. crude was $125.60.
The dollar was broadly firmer, supported in part by a strong payrolls report which only reaffirmed market expectations for a Fed hike this month.
India will raise petrol and diesel prices the upcoming week for the first time in more than four months as global crude prices soar after Russia's invasion of Ukraine, three government officials said.
Asia's third-largest economy, which imports 80% of its oil needs, faces retail inflation staying above the central bank's tolerance limit of 6% as companies pass on a nearly 40% rise in crude prices since November, as well as rises in prices for other imported raw materials.
Day Trend: - HOLD (MARKET OVERBOUGHT, EXPORTERS CAN START COVERING)
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