USDINR
USDINR is most likely to commence Monday session within range-bound between 75.00 – 75.10 levels ahead of Indian union budget 2022-2023. Finance Minister Nirmala Sitharaman is due to present on Tuesday
India is likely to set aside about 3 trillion rupees ($40 billion) on food and fertiliser subsidies in its budget next week for 2022/23, officials said, roughly the same amount the government budgeted for this fiscal year ending in March.
Prime Minister Narendra Modi has sought to meet his long term goal of reducing subsidies by tackling corruption and mismanagement. Any reduction in subsidies will affect a vast voter base of farmers that accounts for nearly 60% of the population.
The dollar was near a year-and-a-half high against the euro on Monday with equities markets volatility expected to push it higher in the short-term as traders eyed upcoming Australian, UK and European central bank meetings.
Oil markets opened the week on the front foot on signs of sustained global demand and continued tensions over Ukraine, putting Brent on course for its best January performance in at least 30 years.
Day Trend: - HOLD
INTRADAY RANGE – 75.43(75.17 – 74.92)74.66
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