USDINR
On Tuesday, The Rupee is most likely to commence the session with a firm note between 76.00 – 76.10 levels against the greenback as Oil price corrects but U.S. Treasury yields soared to new multi-year highs.
Interest rate hike expectations helped lift the dollar to its highest in two weeks against a basket of six major peer currencies. Treasury 10-year yields vaulted above 2.5% to three-year highs, with the U.S. Federal Reserve expected to deliver a half-point interest rate rise in May as it tackles rising inflation, having kicked off its tightening cycle this month.
In cryptocurrencies, bitcoin rose 2.53% to a year-to-date high of $48,050.90.
Oil kept falling in Asia -- after sliding 7% on Monday -- on growing concern that a virus resurgence in China will weigh on global demand. Oil is still heading for a monthly gain after Russia’s invasion of Ukraine rattled global markets, and the war is raging despite diplomatic efforts for a peace deal.
On Monday, E-commerce and gaming firm Sea Ltd said it is withdrawing from India's retail market just months after starting operations there, the second pullback this month in an overseas expansion drive, as the loss-making firm faces a weak growth outlook.
India is not considering buying oil from Russia or any other country using Indian rupees, the junior oil minister told parliament, after Western nations imposed sanctions on Russia over its invasion of Ukraine.
Day Trend: - BUY ON DIP (Short Term)
INTRADAY RANGE – 76.44 (76.20 – 75.96) 75.72
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