USDINR
On Wednesday, The Rupee is most likely to commence the session with a weaker note between 75.65 -75.75 levels against the greenback as the safe-haven yen steadied after its biggest rallies in almost seven weeks. However, investors’ focus remains on the Russian invasion of Ukraine. USDINR is likely to overtake long term resistance at 75.75 -75.80 levels, it will be the open door for 76+ levels.
U.S. benchmark 10-year yields retreated to an almost one-month low overnight, which weighed on the dollar. Investors sought the safety of Treasuries, even as the U.S. Federal Reserve is poised to hike interest rates at its policy meeting in March 2022.
The Council of the European Union voted on Tuesday on sanctions to exclude some Russian banks from the SWIFT system, A meeting of ambassadors from the bloc's member countries also resulted in a vote to ban the broadcasting of Russian media outlets Sputnik and RT in the European Union.
Oil prices surged over 7% to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine. As of writing, Brent's future is at $107.87, crude Oil at 106.58 a barrel.
Bankers advising Indian state-run Life Insurance Corp (LIC) on its IPO have pushed the government to defer the launch of the stock offering in the wake of the market jolt caused by Russia's invasion of Ukraine, two sources familiar with the talks told Reuters.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 76.27 (75.85 – 75.31) 74.83
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