USDINR
On Monday, USDINR very much likely to commence session between 82.25 – 82.35 levels as oil price jump $5 per barrel on surprise output cut.
India's union government is set to borrow a record 15.43 trillion rupees ($187.75 billion) in the financial year starting April 1. The spread between the yields of Indian state and central government bonds is likely to widen gradually in the new financial year, as state bond supply is expected to remain elevated, analysts said.
Indian opposition leader Rahul Gandhi will appeal a two-year jail sentence in a defamation case brought against him by lawmaker from Prime Minister Narendra Modi's Bharatiya Janata Party , local media reported on Sunday.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.46 (82.28 – 82.09) 81.91
THE OIL GAME
On Monday's, Oil prices jumped about $5 a barrel open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability.
The Organization of the Petroleum Exporting Countries and their allies including Russia, shook markets by announcing production cuts of about 1.16 million barrels per day on Sunday.
The OPEC+ had been expected to maintain its earlier decision to cut output by 2 million bpd until December at its monthly meeting on Monday.
Goldman estimated the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi and OPEC+ oil revenues.
Analysts at the National Australia Bank said the OPEC+ production cuts and demand recovery from top crude importer China could drive oil prices above $100 a barrel through third quarter.
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