USDINR
On Thursday, the Rupee is most likely to commence with a weaker note between 77.35 – 77.45 level against the greenback ahead of the Indian inflation data fall today. The longer USDINR stays above the 77 mark it's more risk for further advancement.
Oil rose on Wednesday's oversupply concerns as the European Union worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves.
USA INFLATION
The consumer price index rose 0.3% last month, the smallest gain since August, the Labor Department said on Wednesday, versus the 1.2% month-to-month surge in the CPI in March, the largest advance since September 2005.
On an annual basis, CPI climbed 8.3%, higher than the 8.1% estimate but below 8.5% the prior month.
THE OIL
Oil prices jumped 6%, rising for the first time in three days and cutting by two-thirds losses on the week, after a tick down in U.S. inflation for April suggested the Federal Reserve might not go overboard in the near term with rate hikes that could tip the economy into recession.
THE YIELD
Treasury yields fell in Wednesday's volatile session as oil prices rallied and investors worried about the potential for an economic slowdown.
THE BITCOIN
Bitcoin fell 7.23% to $28,758.29 on Wednesday, losing $2,241.68 from its previous close. the world's biggest and best-known cryptocurrency is down 40.4% from the year's high of $48,234 on March 28.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.03 (77.56 – 77.08) 76.61
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