USDINR
On Tuesday, USDINR is very much likely to commence the session with a firm note between 77.70 – 77.80 levels as the greenback gained as risk appetite waned from earlier levels, with U.S. stocks well off their earlier highs to increase the appeal of the safe-haven ahead of a key reading on inflation later in the week.
India's gold imports in May jumped 677% from a year ago to the highest level in a year as a correction in prices just before a key festival and wedding season boosted retail jewellery purchases.
India imported 101 tonnes of gold in May, compared to 13 tonnes a year earlier, in value terms, May imports surged to $5.83 billion from $678 million a year ago. A higher import surge could increase India's trade deficit and put pressure on the ailing rupee.
FED WILL HAWKISH OR DOVISH ?
Ahead of the Federal Reserve's policy announcement on June 15, in which the central bank is widely expected to raise rates by 50 basis points, investors will look to Friday's reading on consumer prices for signs of how long the Fed may continue its rate hike path.
THE OIL
Oil surged to near three-month highs above $120 a barrel in early session on Tuesday before turning lower on profit-taking and worries about hurt to the U.S. economy from record fuel prices in a nation already struggling with 40-year highs in inflation.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 78.06 (77.81 – 77.65) 77.57
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