USDINR
On Thursday, The Rupee is likely to commence between 81.70-81.80 levels as dollar edged lower overnight which were prompted by continuing concerns about an economic slowdown and the health of the U.S. banking system.
The Indian rupee strengthened against the U.S. currency to a seven-week high on Wednesday, USDINR finished at 81.7650 compared with 81.9125 in the previous session. The currency rose up to 81.6850 during the day, its strongest level since March 6.
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USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.26 (81.93 – 81.59) 81.26
THE ARGENTINA
Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country's dwindling dollar reserves.
The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.
The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.
THE OIL PRICE
On Wednesday, Oil prices dropped by almost 4%, extending the previous session's sharp losses, even after a report showed U.S. crude inventories fell more than expected, as recession fears grew for the world's biggest economy.
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