USDINR
Welcome to fresh week, The Domestic Unit (Rupee) is likely to commence weekly session with firm note between 82.00 – 82.10 levels as dollar tumbled on Friday after the U.S. nonfarm payrolls report for October showed the world's largest economy created more new jobs than expected, but also flashed signs of a slowdown with a higher unemployment rate and lower wage inflation.
The Indian rupee rose against the dollar on Friday, boosted primarily by the Chinese yuan's rally that helped it recover from losses accumulated through the week. The rupee climbed to 82.44 per U.S. dollar on Friday, up from 82.88 in the previous session. The rupee received a boost from the recovery in yuan, on hopes of relief in U.S.-China tensions and Beijing easing the pandemic curbs.
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.65(82.35 – 82.06)81.76
THE METAL
Gold and copper prices fell in early Asian session on Monday, reversing some steep gains from the prior session as China’s recommitment to its zero-COVID policy ramped up concerns over slowing economic growth and boosted the dollar.
China’s zero-COVID policy ground economic activity in the country to a halt this year, weighing on its appetite for commodity imports. With the country now reiterating its commitment to the policy, commodity markets are likely to see a continuation of this weakening trend.
THE OIL
On Monday, Oil prices fell more than 2% at the start of Asia trade after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer.
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