USDINR
On Monday, it seems a horrible day for The domestic unit (Rupee) against the greenback ahead of FOMC as we are expecting USDINR to commence for the first time in history above 78.00 levels. The greenback climbed to a near four-week high against a basket of currencies in early Asian session, after data, showed U.S. consumer prices accelerated in May, strengthening expectations the Federal Reserve may have to continue with interest rate hikes through September to combat inflation.
India's fuel consumption jumped 23.8% in May from a year earlier, continuing a recovery from a relatively low base in 2021 when the world's third-biggest oil consumer was in the grip of the second wave of COVID-19.
Fitch Ratings raised its outlook for India's long-term foreign currency Issuer Default Rating (IDR) to "stable" from "negative", citing diminished downside risks to medium-term growth.
Fitch expects inflation to average 6.9% in the current fiscal year due to a rise in global commodity prices and said it expects RBI to continue to raise repo rates to 6.15% by next fiscal year.
THE OIL
On Monday, Oil prices slipped more than nearly $2 as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and economic growth further depressed the market.
Oil producers and refineries are running full-throttle to meet peak summer demand, while traders are closely watching for a possible impact of labour disputes in Libya, Norway and South Korea on oil exports and consumption.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.44 (77.18 – 77.94) 77.84
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