USDINR
Every day or two USDINR reaching new high, We are expecting USDINR commence Tuesday session between 79.40 – 79.50 levels with new higher level. On Monday The rupee ended at a record closing low against the dollar as continued foreign portfolio outflows from domestic stock markets and a broadly stronger greenback weighed on the currency despite intermittent dollar selling intervention.
On Monday, The Reserve Bank of India is putting into place a mechanism for international trade settlements in rupees, which banks will need seek prior approval to use.
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as economic activity picked up and amid a domestic shortage of the fuel.
THE DOLLAR
The U.S. dollar surged to a new 20-year high, gaining strongly against the Japanese yen in particular, on fears about the global growth outlook ahead of the release later in the week of key U.S. inflation data.
THE YEN
The yen's weakness accelerated after Japan’s ruling coalition expanded its majority in Sunday’s upper house election, suggesting that the voting public remains behind the country’s super-easy monetary policy.
THE EURO
The euro slid to a 20-year low and came closer to parity against the dollar on EARLY Tuesday session in Asia on concerns that an energy crisis will tip the region into a recession, while the U.S. currency was boosted by expectations that the Federal Reserve will hike rates faster and further than peers.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 79.76 (79.56 – 79.33) 79.18
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