USDINR
Welcome to fresh week of volatility, The Rupee is most likely to maintain winning momentum from last week rally, we are expecting it commences between 80.50 – 80.60 levels against greenback as dollar subdued in early Asian session as investors favored riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.
All eyes on India WPI as well as CPI data will released today .
Indian farmers have planted wheat on 4.5 million hectares since Oct. 1, when the current sowing season began, up 9.7% from a year ago, the latest data from the farm ministry showed on Friday.
Moody's said it now expects India's GDP growth to slow to 7% in 2022 –– versus its previous estimate of 7.7% –– and then decelerate to 4.8% in 2023, before recovering to around 6.4% in 2024.
USDINR TECHNICAL
Day Trend: - BUY FOR LONG TERM
Weekly Trend: - HOLD
INTRADAY RANGE – 81.12 (80.81 – 80.49) 80.18
THE IMF
The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months.
It blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.
THE ASIAN MARKET
On Monday, Asian share markets were taking a breather after last week's sweeping rally as a top U.S. central banker warned investors against getting carried away over one inflation number, nudging up bond yields and the dollar.
A modest miss on U.S. inflation was enough to see two-year Treasury yields dive 33 basis points for the week and the dollar lose almost 4%, the fourth biggest weekly decline since the era of free-floating exchange rates began over 50 years ago.
THE OIL
On Monday, Oil advanced for a third session as investors weighed the outlook for Chinese demand as the market tightens heading into winter. West Texas Intermediate futures rose toward $90 a barrel after surging almost 3% on Friday.
China issued a rescue package for its struggling property market and has eased some Covid Zero restrictions, prompting optimism for a demand rebound from the world’s biggest crude importer.
Ready for volatile week ahead, let's make some money!!
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