USDINR
On Thursday, The Rupee is most likely to commence between 76.20 – 76.30 levels against the greenback and is expecting to maintain yesterday's rally as foreign investor buying domestic currency as well as U.S. dollar edged lower in early Asian trade, slipping back from a fresh 20-year high against the Japanese yen.
THE OIL
Oil was little changed as traders assessed the lingering threat to demand from lockdowns in China against a series of challenges to supply.
U.S. commercial stockpiles dropped by around 8 million barrels last week, according to Energy Information Administration data. That was the biggest drawdown in holdings since January 2021.
USA BOND YIELDS
U.S. Treasury yields pushed higher, with 10-year yields touching 2.981% for the first time since December 2018, earlier Wednesday before slipping back to currently stand at 2.94%.
This follows Federal Reserve Bank of St. Louis President James Bullard said on Monday the central bank needs to move quickly to raise interest rates to around 3.5%, and it shouldn’t rule out rate increases of 75 basis points.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 76.77 (76.40 – 76.04) 75.90
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