USDINR
On Tuesday, The domestic unit (Rupee) is most likely to commence between 77.65 -77.75 levels against the greenback as oil prices rose on optimism that China would see significant demand recovery after positive signs that the country's coronavirus pandemic was receding in the hardest-hit areas.
THE OIL
Oil prices also found some support as the European Union's diplomats and officials expressed optimism about reaching a deal on a phased embargo of Russian oil despite concerns about supply in Eastern Europe.
THE YIELDS
Treasury yields fell, with the benchmark 10-year note down 4.7 basis points at 2.886% after hitting 3.2% a week ago. Some see the decline since then as a sign the market has priced in all or most of the Fed's expected rate hikes.
THE USA & CHINA DATA
The Chinese data cast a long shadow over the world's second-largest economy while the steep drop in New York manufacturing could be an early signal of the impact of the Fed's plans to tighten monetary policy to tackle rapidly rising inflation.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 77.89 (77.75 – 77.46) 77.25
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