USDINR
Welcome to fresh week of expected volatility, China Covid outbreak could be new element to hurt domestic unit (Rupee), USDINR is likely to commence Monday session with firm note between 81.60 – 81.70 levels as dollar gained slightly up on early Asian session and remained on track for its largest weekly gain in over a month as investors eyed rising bond yields and continued to make bets on the U.S. Federal Reserve's interest rate hiking path.
According to a study by asset manager Invesco published on Monday, India has emerged as the second most coveted investment market after the United States for sovereign wealth funds and public pensions funds in 2022.
The Reserve Bank of India (RBI) said in its monthly bulletin, India's economy is expected to grow between 6.1% and 6.3% in the second quarter of the current financial year based on high frequency indicators and economic prediction models.
USDINR TECHNICAL
Day Trend: - BUY ON DIP ( 4 TO 8 WEEKS)
Weekly Trend: - HOLD
INTRADAY RANGE – 82.09 (81.81 – 81.53) 81.25
THE FED MINUTES
Minutes of the U.S. Federal Reserve's last meeting are due on Wednesday and could sound hawkish, judging by how officials have pushed back against market easing in recent days.
THE OIL
Oil dropped extended from Friday 2% fall, logging a second weekly decline, due to concern about weakened demand in China and further increases to U.S. interest rates.
THE CHINA COVID
On Monday, Asian share markets turned hesitant as investors fretted about the economic fallout from fresh COVID-19 restrictions in China.
Beijing's most populous district urged residents to stay at home on Monday as the city's COVID case numbers rose, while at least one district in Guangzhou was locked down for five days.
The rash of outbreaks across the country has been a setback to hopes for an early easing in strict pandemic restrictions.
Welcome to new volatile week ahead!!!
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