USDINR
The Rupee is most likely to commence the Tuesday session with a mild weaker note between 76.60 – 76.70 levels against the greenback as the dollar dipped remained near a 21-month high hit last week as investors eyed Russia-Ukraine peace talks, while major central bank meetings this week kept large moves in foreign exchange in check.
India's annual retail inflation in February for a second consecutive month exceeded 6%, above the central bank's tolerance limit, while economists said policy rates were unlikely to rise soon given worries over economic recovery.
India's Feb trade deficit widens to $20.88 bln - trade ministry
Russian and Ukrainian delegations held the fourth round of talks on Monday - by video link this time rather than in person in neighbouring Belarus as in the past - but no new progress was announced and talks are expected to resume on Tuesday.
The U.S. Federal Reserve is widely expected to raise interest rates when it concludes a two-day policy meeting on Wednesday, with investors completely pricing in a hike of at least 25 basis points.
Oil extended losses following another volatile session after a cease-fire in Ukraine was discussed, while there were also concerns about crude demand in China due to a resurgence of Covid-19 there.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 76.90 (76.71 – 76.52) 76.33
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