THURSDAY OUYLOOKS :- RUPEE FIRM, OIL RETREAT, MARKET RISK ON!!!

USDINR

On Thursday, Now seems some relief from the global front but the challenges are not over yet, We are expecting the Rupee to commence the session with a firm note between 76.25 – 76.35 levels against greenback Oil at one point fell more than 17% after OPEC member UAE said it would support boosting supply into a market in disarray because of supply disruptions and sanctions on Russia.

• Persistent high oil prices prompted by Russia's invasion of Ukraine could cut a full percentage point off the growth of large oil-importing developing economies

The DXY is oscillating around 98.00 ahead of US inflation and Initial Jobless Claims. The risk-on impulse has brought a sell-off in the greenback index. Investors brace an aggressive tightening policy by the Fed.

U.S. stocks surged on Wednesday, with the tech-heavy Nasdaq jumping over 3%, rebounding from several days of declines as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis.

Russia’s rating was downgraded to C by Fitch Ratings late Tuesday, with the rating agency saying that a bond default is “imminent” as a result of measures ushered in since the war in Ukraine.

Day Trend: - BUY ON DIP

INTRADAY RANGE – 76.90 (76.58 – 76.26) 75.94