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TUESDAY USDINR OUTLOOKS- RUPEE WEAK, EU BAN RUSSIAN OIL !!

  • Writer: fxmethods
    fxmethods
  • May 31, 2022
  • 1 min read

USDINR

On Tuesday, The Rupee stuck in range-bound of 77.40 - 77.70 levels against the greenback last two weeks, we are expecting USDINR to commence Tuesday session between 77.55 -77.65 levels as Oil prices rose in early Asian trade after European Union leaders said they had agreed to cut 90% of oil imports from Russia by the end of this year.


THE EU ACTION ON OIL

EU leaders have reached an agreement to finalise a ban on almost 90% of all Russian oil imports by the end of the year. This is an important step forward. On the remaining 10%, on these, we will soon return to the issue of this remaining 10 % of pipeline oil.

  • Global benchmark Brent topped $122 a barrel, hitting a two-month high. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines, European Council President Charles Michel said. The package also proposes a ban on insurance related to shipping oil to third countries.


USDINR TECHNICAL

Day Trend: - BUY ON DIP (Short Term)

Weekly Trend: - HOLD

INTRADAY RANGE – 77.74 (77.63 – 77.51) 77.40

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