USDINR
On Monday, The domestic unit (Rupee) is likely to commence a fresh week within the range of 74.45/74.50 as Asia Pacific indices are mostly down in the early morning in the Asian session as a technology-sector crackdown in China and the upcoming U.S. Federal Reserve policy decision, lingered on investors’ minds.
We are witnessing that USDINR in bullish trend every 20-30 pips correction is an opportunity for importers to the short term covering.
The latest survey results suggest difficult policy decisions lie ahead for the Reserve Bank of India, which has already seen two consecutive months of inflation above the 6% upper limit of the range it tolerates.
The Reuters poll of economists found, India's economic rebound already weakened in recent months, could lose further momentum as coronavirus variants pose the greatest threat and inflation rises.
The RBI said last week that prospects for the economy had brightened and the inflation rise would be transitory, echoing the views of most major central banks.
But the fast spread of the Delta variant in some states - and it is becoming dominant around the world - has raised doubts as the country contends with a devastating wave of COVID-19.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 74.76 ( 74.55 – 74.33 ) 74.12
INDICES
Japan’s Nikkei 225 up 1.39% by 11:08 PM ET.
South Korea’s KOSPI was fell 0.34%.
Australia, the ASX 200 edged at par 0.03%.
Hong Kong’s Hang Seng Index was down by 2.67%.
China’s Shanghai Composite fell 2.17% and the Shenzhen Component fell 1.44%.
Comments