USDINR
USDINR follow dip on buy strategy on the concern of Oil price, Bond Yields as well as Implied Volatility mounting. As disturbing geopolitical tension keep moving inflation on the north side. We are expecting The Rupee to commence the Thursday session with a weaker note between 76.40 – 76.50 levels against the greenback as the dollar climbed while the euro weakened as oil prices shot higher again with U.S. President Joe Biden poised to announce, alongside European leaders, new sanctions against Russia during his trip to Europe.
Prices for commodities such as oil and wheat have climbed as tensions in Ukraine have escalated, putting additional upward pressure on already high inflation due to supply chain bottlenecks
Rising inflation has led many central banks, including the U.S. Federal Reserve, to take measures to rein in prices, such as by raising interest rates.
The Russian rouble strengthened 8.65% versus the greenback at 89.50 per dollar after hitting a one-month high of 87.50 after Russian President Vladimir Putin said Russia will seek payment in roubles for gas sales from "unfriendly" countries.
Inflation in Britain shot up faster than expected last month to hit a new 30-year high at a 6.2% year-over-year rise. British finance minister Rishi Sunak cut taxes for workers and reduced duty on fuel on the heels of the inflation data as he sought to soften a severe cost-of-living squeeze against the backdrop of fast-rising prices and slowing economic growth.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 76.76 (76.35 – 75.94) 75.53
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