USDINR
On Monday, We believe that USDINR commences the fresh week with a firm note between 74.45 – 74.55 levels as the greenback gap up in the Asian session after Western nations announced fresh sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.
Safe-haven currencies including the U.S. dollar and yen were in demand after Russian President Vladimir Putin put nuclear-armed forces on high alert on Sunday, the fourth day of the biggest assault on a European state since World War Two.
The SWIFT measure was announced Saturday without naming the affected Russian banks, leaving the sector waiting for details. Banks were scrambling to ensure they understood the full implications of the restrictions.
India, which meets nearly 80% of its oil needs through imports, could be hit by a widening trade deficit, weakening rupee and higher inflation after Brent crude prices shot above $105 a barrel last week.
India's economy probably grew 6% year-on-year during the three months to end-December, a survey showed last week, slower than the previous two quarters, with new fears rising over slowing momentum after Russia's invasion of Ukraine.
A 10% rise in crude oil prices could lower India's GDP growth by 0.2 percentage points while posing risks to corporate profit margins as they would not be able to pass on rising input costs.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.77 (75.49 – 75.21) 74.93
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