USDINR
Welcome to Wednesday's session, We are expecting that USDINR commences at 74.60 – 74.70 levels despite greenback dipping slightly amid choppy trade spurred by developments in Ukraine after Russian President Vladimir Putin recognized two breakaway regions in the country and ordered troops to the area.
The dollar weakened somewhat as U.S. President Joe Biden announced the first wave of sanctions against Russia while saying he hoped diplomacy was still available.
The Kremlin said it remained open to diplomacy with the United States and other countries as it faced actions from a slew of countries. Britain published a list of sanctions and Germany froze the Nord Stream 2 Baltic Sea gas pipeline project, which would have significantly increased the flow of Russian gas.
The Reserve Bank of New Zealand met market expectations on Wednesday by lifting the cash rate by 25bps. Of most interest for the market in the statement and press conference will be the Bank's forecast OCR track and details regarding how it plans to run down its LSAP holdings.
Oil rose to nearly $100 a barrel on Tuesday, reaching its highest level since 2014 after Moscow ordered troops into two breakaway regions in eastern Ukraine.
Aluminium and nickel prices hit multi-year highs; Russia produces around 6% of the world's aluminium and 7% of its mined nickel. Sanctions on aluminium maker Rusal in 2018 drove the metal's price up 35% in days.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.20(74.91-74.62)74.33
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