1 .SHONGA TSER LAKE : Often famous as Madhuri Lake, Shonga-Tser Lake is known to be the place where the famous Bollywood song from the movie Koyala was shot. The lake is known for offering panoramic views of the landscape and has been quite a popular tourist spot with wonderful scenic beauty. The vista comprises of the serene hills and mountains that surround the lake and the place charms the tourists with its tranquil ambience. A photographer’s delight, Shonga Tser Lake is a remarkable place to enjoy a casual stroll and bask in the serene atmosphere. The awe-inspiring lake is a great crowd puller in Tawang and offers a respite from the noise and pollution of the cities. 2 .SELA PASS : ...
USDINR: (Bias- Slow downward drift. Range- 82.35-82.90)
Like clockwork, the template once again turned positive for the Indian Rupee, as USDINR neared the upper end of its 80.50 and 83.00 range. On one hand, global risk sentiments are strong and on the other, traders are now expecting India to post a current account surplus for the March quarter. The news of First Republic bank of the US being rescued has boosted sentiments and as a result, we are seeing a big bull rally across global equity markets. It is early to say whether the banking stress in the US is over or whether there will be more such issues in the coming days. Historically, financial sector stress tends to unfold in waves but this time around, regulators remain ready to act decisively and that is what can give comfort to the markets. We could see a short covering rally in the Indian equity and that can support the Indian Rupee.
Generally, it has been observed that on Fridays, when risk sentiment remains strong, USDINR tends to see selling, especially during the second half of the day. We expect a similar pattern today. Unless some negative news surfaces from Europe, we could see USDINR drift downward towards 82.25/30 levels on spot. Support is near 82.25 and then 82.00/10 on spot. Resistance will be near 82.65/70 on spot.
GBPINR: (Bias- Upward drift. Range- 99.90-100.60)
GBP is more sensitive to global risk sentiments than Euro. Hence, due to the recovery in the risk assets, GBPUSD and GBPINR stand to benefit. With GBPUSD holding 1.20 levels well, we expect the pair to test 1.2200 and can even inch towards 1.2270 levels. Nevertheless, below 1.20, the view turns bearish. GBPINR has a strong support zone near 99.50 levels and resistance near 100.60/80 and then near 101.30/50 levels.
EURINR: (Bias- Upward drift. Range- 87.60-88.30)
The ECB hiked rates by 50 bps to 3.5% but stopped short of pre-committing to any specific further action in the way that it had done back in February when the bank raised all lending benchmarks by half a percentage point and warned in its policy statement that another such move would be likely in March. Unless the banking stress in the US snowballs and spills over into Eurozone, it appears that ECB may hike once again in the next meeting. Updated inflation forecasts suggested that European price pressures are likely to remain stronger in the year ahead. EURUSD has managed to build a decent base above 1.05 handle and as long as that zone remains intact as the support we remain bullish on EURUSD. EURINR too may see some upward drift but a weak USDINR can reduce the pace of the move.
JPYINR: (Bias- Rangebound. Range- 61.70-62.35)
In spite of the recovery in the US bond yields, USDJPY has failed to move higher. A weaker USDJPY is a positive factor for JPYINR. But at the same time, a weak USDINR is negative for the JPYINR. JPYINR becomes a strong directional play when USDINR and USDJPY move in the opposite direction and not in the same direction. We expect a range bound price action in JPYINR.
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