USDINR
On Monday, The Rupee is most likely to commence under pressure against the greenback between 77.65 – 77.75 levels as Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
The S&P Global India Services Purchasing Managers' Index rose to 58.9 in May from 57.9 in April, its highest since April 2011 and comfortably beating the Reuters poll expectation of 57.5. India's dominant services sector expanded at the fastest pace in 11 years in May on strong demand, although inflationary pressures touched new highs, restricting optimism and weighing on consumers' pocketbooks, a private survey showed.
THE SAUDI MOVE ON OIL
Saudi Arabia raised the official selling price for its flagship Arab Light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, up from a premium of $4.40 in June, Aramco said on Sunday.
The move came despite a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to increase output in July and August by 648,000 barrels per day, or 50% more than previously planned.
THE YIELDS
US 10-year Treasury yields posted the first weekly gain in three but yields fail to extend the gains near 2.95% by the press time.
INDIA 10-year yields are mounting day by day last traded on Friday at 7.45%.
THE UKRAINE
Ukraine said on Saturday it had recaptured a swathe of the battlefield city of Sievierodonetsk, where intense fighting continued, in a rare counter-offensive against Russia's main assault force that had been steadily advancing in the east.
Russia has concentrated its forces on Sievierodonetsk in recent weeks for one of the biggest ground battles of the war, with Moscow appearing to bet its campaign on capturing one of two eastern provinces it claims on behalf of separatist proxies.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 77.97 (77.76 – 77.55) 77.34
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