HAPPY FRIDAY :- RUPEE ALL TIME LOWS, ECB HAWKISH BUT DOVISH, OIL FIRM!!

USDINR

The Rupee could surpass all-time weaker levels of 77.8150 on the opening bell against the greenback as the dollar index rose for a second straight day on Thursday, erasing initial declines while the euro turned lower after the latest policy announcement by the European Central Bank (ECB), which signalled the bank was set to begin raising interest rates.

• India is considering restricting imports of refrigerators to promote local manufacturing, two industry sources told Reuters on Thursday, potentially freezing out shipments from Samsung Electronics Co and LG Electronics Inc in the $5 billion market.

THE ECB

The ECB ended a long-running stimulus program and said it would deliver its first interest rate hike since 2011 next month, followed by a potentially larger move in September as it seeks to tamp down rising inflation. The lack of any details for a plan for dealing with fragmentation concerns in the region helped send the euro lower against the dollar. The ECB has said that fragmentation, a divergence between borrowing costs for different European countries, hampers the execution of its monetary policy.

THE OIL

West Texas Intermediate, the New York-traded benchmark for U.S. crude future, trading in the early Asian session down 1.06% at $120.22 per barrel, after a three-month high of $123.15 on Wednesday. Year-to-date, the U.S. crude benchmark is up more than 61%.

USDINR TECHNICAL

Day Trend: - BUY ON DIP (Short Term)

Weekly Trend: - HOLD

INTRADAY RANGE – 78.16 (77.91 – 77.74) 77.66