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• Gold extended its slow rebound from a monthly low as market sentiments dwindle amid inflation and Fed rate hikes.

• Indian rupee rose on Monday adding to the gains of the previous week owing to stronger domestic equities despite the rise in Dollar index.

• Crude oil futures were on a downtrend as Omicron fears outweighed supply concerns.

• 10 Yr. US treasury yields rose in anticipation of quicker rate hikes and tightening of policies by the Federal Reserve.

OUTLOOK - USDINR

We continue to stick to our view aiming 73.82, but yesterday’s test of 74 may take some momentum off downsides. Reversal prospects depend on ability to float 74.07.

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