USDINR
On Tuesday, USDINR is most likely to commence near or above all-time higher levels at 78.35 – 78.45 as Crude markets rallied in the last trading session on speculation that the predominantly-Western Group of Seven (G7) nations might further tighten the flow of oil to their shores in a move to abandon Russian supplies.
On Monday, Indian shares joined a rally in global stock markets to close at a more than two-week high, led by technology and metal stocks, as easing oil prices tempered inflation fears.
THE DOLLAR
The U.S. dollar struggled versus its major rivals as softening inflation expectations prompted a reassessment of the prospects for aggressive interest rate hikes but volatile markets cushioned a broader decline.
THE EURO
The euro led gainers versus the dollar as the European Central Bank's annual forum on central banking in Sintra, Portugal, got underway with ECB President Christine Lagarde and U.S. Federal Reserve Chair Jerome Powell both attending the meeting. Markets will watch for any signs of future policy moves.
THE IMF
The International Monetary Fund slashed its U.S. economic growth forecast on Friday, as aggressive Federal Reserve monetary tightening might cool demand, but predicted that the U.S. would “narrowly” avoid a recession.
THE GOLD
Gold was up morning in Asia as some countries from the Group of Seven (G7) plan to ban bullion imports from Russia, which might tighten supplies.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.54 (78.38 – 78.18) 78.05
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