USDINR
On Tuesday, We are expecting USDINR is likely to commence between 79.95 – 80.05 levels as Oil prices rose more than $5 overnight, boosted by dollar weakness and expectations that the U.S. Federal Reserve won't raise interest rates by a full percentage point at its next meeting to combat inflation.
THE DOLLAR
The U.S. dollar retreated from multi-year highs, supporting commodities prices. A weaker dollar makes dollar-denominated commodities more affordable for holders of other currencies.
THE FED
On Friday two U.S. Federal Reserve officials indicated the central bank would likely only raise interest rates by 75 basis points at its July 26-27 meeting. Previous reports that the Fed was considering a 100 basis point decision sent markets lower late last week.
THE INDONESIA
n Monday, Indonesia's central bank sold some of its holdings of government bonds in the secondary market, stepping up its normalization monetary policy after keeping liquidity very loose during the pandemic.
THE RUSSIA – INDIA AND OIL PAYMENT
Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions.
USDINR INTRADAY TECHNICAL
Day Trend: - BUY ON DIP (SHORT TERM)
Weekly Trend: - HOLD
INTRADAY RANGE – 80.18(80.07-79.80)79.63
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