USDINR
On Tuesday, USDINR is most likely to commence within range-bound between 75.95 – 76.05 levels with a firm note as the greenback held just near two-year highs against a basket of currencies, still supported by higher U.S. Treasury yields as well as Indian 10-year Govt. bond yield also trading near 5 years highest level at 7.14%.
INDIA OIL CONSUMPTION
India's fuel demand rose to a three-year high in March, with petrol sales hitting an all-time peak, as the market accumulated supplies foreseeing price spikes while easing COVID-related curbs boosted demand.
10YR YIELDS
U.S. Treasury yields have soared on expectations of more aggressive tightening by the Federal Reserve, boosting the greenback. Benchmark 10-year note yields reached 2.793% on Monday, the highest since January 2019.
MR. MODI & BIDEN
President Joe Biden told Indian Prime Minister Narendra Modi that buying more oil from Russia was not in India's interest and could hamper the U.S. response to the war in Ukraine, U.S. officials said.
OIL PRICE
Oil prices fell about 4%, with Brent crude tumbling below $100 a barrel on worries that the COVID-19 pandemic will cut demand in China and as International Energy Agency (IEA) countries plan to release record volumes of oil from strategic stocks.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 76.43 (76.13 – 75.83) 75.53
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