INR 83.51-0.02
EUR 1.0787
POUND 1.25573
JPY 156.40
CHF 0.90857
AUD 0.66042
CNY 7.2375
Gold 2342.77
Silver 28.369
BRENT CRUDE 83.43
DOLLEX 105.2648
3M USD SOFR 5.32238
6M USD SOFR 5.28854
1Y USD SOFR 5.15198
Range for the day: 83.40 – 83.60
INR shall trade sideways as the impact of a relatively weaker dollar is offset by rise in oil prices and increased bids from importers. Oil prices following an uptrend amidst tighter supply concerns pressurizes the unit. Moreover, depreciating Yuan ahead of US President Biden’s announcement on China’s new tariffs this week and anticipation over rising tensions between the Washington and Beijing shall keep the rupee under pressure. Ahead of US PPI release due later today, the dollar drifts lower against most of the counterparts as investors assess the economic and monetary policy outlook of the world’s largest economy. However, improved risk appetite of investors will keep the Indian equities broadly positive and keep the unit supportive. Focus turns towards the release of Indian WPI and US PPI data release due today.