USDINR
Welcome to the volatile Tuesday, We are expecting The Rupee to commence session between 76.30 – 76.40 levels against the greenback as U.S. Federal Reserve Chair Jerome Powell opened the door for the central bank to take a more aggressive monetary policy path. Powell said the central bank must move "expeditiously" to bring too-high inflation under control and will if needed, use bigger-than-usual interest rate hikes to do so.
Indian state fuel retailers will raise petrol and diesel pump prices by 0.8 rupees ($0.0105) per litre from Tuesday. Its local diesel and petrol prices are linked to international prices of the two fuels, which directionally follow increases in crude oil prices.
There are no risks of stagflation in India, Reserve Bank of India Governor Shaktikanta Das said on Monday, adding inflation was expected to moderate going forward despite "unimaginably uncertain" global crude oil prices.
While many central banks around the globe have been hiking rates, with the Fed the latest to do so, the Bank of Japan on Friday maintained its massive stimulus program and held rates steady, while warning of increased risks from the Ukraine crisis to a delicate economic recovery.
European Central Bank President Christine Lagarde said on Monday that the Fed and ECB will also move out of sync, as the war in Ukraine has very different impacts on their respective economies.
Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 76.88 (76.45 – 76.17) 76.03
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