USDINR
Welcome to fresh week, On Monday we are expecting the domestic unit (Rupee) likely to commence with weaker note at 79.85 – 79.95 levels against greenback as The U.S. dollar index hit a five-week high and posted its biggest weekly gain since April 2020 as investors adjusted for the likelihood that the Federal Reserve will keep hiking rates to battle inflation.
THE DOLLAR
Speculators' net long positioning on the U.S. dollar rose in the latest week, while net shorts on the euro increased, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.
THE EURO
The euro dented after Gazprom said the Nord Stream 1 pipeline, which supplies gas from Russia to Europe under the Baltic Sea, will be shut down from Aug. 31 to Sept. 2 for maintenance.
THE YUAN
China's yuan slipped to its lowest since September 2020 at 6.84 per dollar in onshore trading after the central bank set much-weakened midpoint guidance, with traders expecting further downside.
THE OIL
On Monday, Oil prices fell sharply on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation.
USDINR TECHNICAL
Day Trend: - BUY ON DIPS
Weekly Trend: - HOLD
INTRADAY RANGE – 80.22 (80.06 – 79.80) 79.71
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