Monday, March 13, 2023
TIME 6:18 PM IST
MCX Market Roundup (Evening Update)
Crude Oil is down by four percent. Silver is up by four percent. Gold has risen by nearly two percent. Copper has also plunged today. Collapse of Silicon Valley Bank and the bailout will have short term implications. Volatility will rise sharply. I expect a gap open tomorrow in all metals and energies in MCX. There are no major US economic data release today. Banks worldwide will be the focus.
USD/INR VIEW: US dollar demand is there on dips due to US dollar shortage caused by SVB collapse. I believe that RBI and all central banks have intervened today (in their local currencies) to calm the nervous sentiment. Overall weaker sentiment will continue with 82.4500-82.5500 as the key resistance zone till Thursday.
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