USDINR
USDINR likely to commence Thursday session within range-bound of 75.65 – 75.75 despite Brent Oil trading at $116.58 a barrel but getting some relief from Federal Reserve Chair Jerome Powell signalled the central bank would likely raise interest rates less than some investors had feared.
Powell said he is inclined to support a 25 basis point rate hike in March, quelling some concerns about the potential for a more aggressive rate hike. But Powell also did warn the Fed might have to hike more aggressively if inflation kept rising.
Russia's week-old invasion has yet to achieve its aim of overthrowing Ukraine's government. Ukrainians said they were battling on in the port of Kherson, the first sizeable city Russia claimed to have seized, while airstrikes and bombardment caused further devastation in other cities.
European bonds also surrendered some of their recent hefty gains after data showed eurozone inflation hit a record high of 5.8% in January, making it harder for the ECB to keep policy super loose.
Crude Oil surged past $113 a barrel on expectations the market will remain short of supply for months to come following sanctions on Moscow and a flood of divestment from Russian oil assets by major companies.
Indian banks are scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed by the west on Russia following its invasion of Ukraine.
The Reserve Bank of India has met with select bankers and is trying to assess the exposure that lenders have to Russia and to Ukraine and the impact it may have on Indian banks.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 76.13 (75.83 – 75.53) 75.23
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