USDINR
Welcome to fresh week , USDINR is likely to commence Monday session with firm note between 79.30 – 79.40 levels as greenback up in Asian session , notching its biggest daily percentage gain on Friday since mid-June against the yen, after a stronger-than-expected U.S. payrolls report suggested the Federal Reserve may need to continue aggressively raising interest rates in the near term.
On Friday, The Indian Central bank (RBI) key policy repo rate was raised by 50 basis points, the third increase in the current cycle to cool stubbornly high inflation that has remained above the central bank's tolerance band for six straight months.
THE OIL PRICE
On Monday, Oil prices dropped on Monday, hovering near multi-month lows, as recession fears hurt demand outlook and data pointed to a slow recovery in China's crude imports last month.
China, the world's top crude importer, imported 8.79 million barrels per day (bpd) of crude in July, up from a four-year low in June, but still 9.5% lower than a year ago, customs data showed.
GLOBAL HIGHLIGHTS
Asia shares sluggish, dollar energised by U.S. rate risk
Japan runs first current account deficit in 5 months
Fed's Bowman: more 75 basis-point hikes should be on the table
USDINR TECHNICAL
Day Trend: - BUY IN DIPS
Weekly Trend: - HOLD
INTRADAY RANGE – 79.85 (79.48 – 79.11) 78.74
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