USDINR
On Thursday, The USDINR is very much likely to commence the session with a weaker note between 74.75 – 74.85 levels as the greenback edged higher as the latest developments in the Ukrainian crisis dented investor appetite for risk, as a sell-off in the equity market helped drive a safe-haven bid for the greenback.
The tensions between the Kremlin and Ukraine have escalated on a rumour that Russia could begin military action at 4 am local time (please note that this is a market rumour, not a fact-checked at the time of writing).
Ukraine declared a state of emergency and told its citizens in Russia to come home, while Moscow began evacuating its Kyiv embassy.
The United States and allies unveiled more sanctions against Russia, with European Union measures taking effect on Wednesday.
The rise in the New Zealand dollar, along with climbing crude prices, also helped other commodity-linked currencies such as the Canadian dollar and Australian dollar.
China's yuan touched a fresh four-year high against the dollar, amid signs the escalating Russia-Ukraine crisis is boosting foreign demand for Chinese assets.
The Bank of Korea has left the key interest rate unchanged at 1.25%. The decision follows when the central bank came up with the decision to hike in January, likely in response to rising consumer prices and household debt. The Bank of Korea's rate hike in January came just two months after it raised it to 1% from the previous point-7%-5%.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.32 (74.96 – 74.55) 74.35
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