USDINR
The Rupee hurting by surging oil price as well as mounting 10 Year Government yields on inflation worries, we are expecting USDINR to commence a fresh week on Monday with firm note between 74.95 – 75.05 levels.
The dollar ticked up to a 2.5-year high versus the yen early Monday morning after a soft U.S. payrolls figure did little to alter market expectations that the U.S. Federal Reserve will announce it will start tapering its massive bond-buying next month.
The labour shortage firmly remains in place, keeping worries about inflation alive and giving the Federal Reserve justification to go ahead with reducing its stimulus it started last year for pandemic relief.
Oil steadied near the psychological $80-a-barrel mark as a global power crunch rattled the market while OPEC+ output has been slow to ramp up.
India has ample coal stocks to meet power sector demand, a coal ministry statement said on Sunday, a day after the Delhi Chief Minister said a shortage of fuel meant the Indian capital could face a power crisis.
Day Trend: - BUY ON DIP (Pair in Overbought territory)
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