On Monday , The Domestic currency (Rupee) likely to commence session between 72.68 - 72.78 levels against greenback. Imports must cover there short term exposure as well as exporters cover medium term position with option strategies.
On last session (Friday), USDINR opened at 72.66/67 then hit intraday low at 72.63/64 levels. Pair show some strength till intraday high at 72.8425/8525 as equity market selloff. USDINR finished Friday session at 72.79/80 levels.
Annual retail inflation rose 5.03% in February, up from 4.06% in January, data released by the Ministry of Statistics showed on Friday.
INTRADAY RANGE - 72.43 ( 72.65 - 72.88 ) 73.07
GLOBAL OUTLOOKS
On Monday 10-year Treasury yields were at 1.6282%, close to Friday's top of 1.6420%.
The move higher in bond yields largely reflects the better economic outlook, which is ultimately a weight on the USD.
Global Indices prices were off to a solid start as investors bet U.S. economic growth will accelerate after the passing of a massive stimulus package.
U.S. dollar held firm after bouncing off a one-week low last week, supported by a spike in benchmark Treasury yields to more-than-one-year highs as inflation fears continued to shoulder.
The greenback has also been supported by a paring of bets for its decline, with speculators cutting net short positions to the lowest since mid-November in the week ended March 9, according to calculations by Reuters.
Oil prices were supported by production cuts by major oil producers and optimism about a demand recovery as the global economy recovers from the pandemic-induced recession.
Brent oil futures jumped 0.88% to $69.81 by 10:53 PM ET and WTI futures rose 0.99% to $66.26. Both Brent and WTI futures stayed above the $65 mark.
Bitcoin retreated to below $60,000, It had surged to a record $61,781.83 over the weekend.
Bitcoin changed hands at around $59,940 after Reuters cited a senior government official as saying India will propose a law banning cryptocurrencies and fining anyone trading in the country or even holding such digital assets.
Comments