USDINR
In the last trading session (Monday) the Rupee again makes new against the greenback at 78.2850 / 78.2950 levels. We are expecting that on Tuesday USDINR commence between 78.05 – 78.15 levels as the U.S. dollar rose to a fresh two-decade high against major currencies, supported by fears of a global economic slowdown and bets on steep interest rate hikes by the U.S. Federal Reserve.
India's retail inflation eased marginally in May, after touching an eight-year high of 7.79% in April, but remained above the central bank's tolerance band for the fifth month in a row, suggesting it would continue with rate hikes in August. Consumer price index-based inflation rose 7.04% in May year-on-year, helped by slower increases in food prices, data released by the National Statistics Office showed on Monday.
THE YEN
The battered Japanese yen, floundering near lows against the dollar not seen since 1998. The yen found some support from comments by Japan's top government spokesperson that Tokyo is concerned about its sharp fall and stands ready to "respond appropriately" if needed.
THE STERLING
Sterling fell to a one-month low against the dollar, coming under selling pressure after data showed Britain's economy had unexpectedly shrunk in April. Tensions with the European Union over post-Brexit trade with Northern Ireland also weighed on the pound, which was down 1.41% to $1.2147.
THE BITCOIN
The crypto king bitcoin slumped 27.0% to $21319.70, on pace for its worst day in more than two years, after major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions, in the latest sign of how financial market turbulence is causing distress in the crypto sphere.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.46 (78.25– 77.95) 77.69
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