USDINR ALL-TIME HIGH
It is really surprising that the Rupee hit an all-time high at 77.5350/77.5450 levels against the greenback despite the country having a $600 billion forex reserve. On Tuesday we are expecting that USDINR commences session between 77.35-77.45 levels as the greenback reached a new 20-year high overnight as risk-off sentiment stemming in part from concerns over the Federal Reserve's ability to combat high inflation boosted the greenback's safe-haven appeal.
INDIA BOND YIELDS
The yield on the Indian 10-year government bond jumped to a near 3-year high of 7.46%The inflation in India has been running above the central bank's upper tolerance limit and there is a risk it will stay high for too long due to geopolitical tensions and rising commodity prices.
USA YIELDS
Yields on most U.S. Treasury notes pared early gains to trade lower as bargain-hunters stepped in after the benchmark 10-year yield hit fresh 3-1/2-year highs of 3.203% as inflation fears continued to roil markets.
THE OIL
Oil prices edged lower in early Asian trade, adding to a 6% slump in the previous session, as coronavirus lockdowns in top oil importer China and potential economic ructions in Europe fed worries about the demand outlook.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.10 (77.65 – 77.21) 76.76
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