USDINR
On Thursday, the Indian rupee is most likely to commence session with a firm note between 74.80-74.90 levels as the greenback slipped as risk sentiment improved and as investors focused on rising commodity prices and when global central banks are likely to begin hiking interest rates to fend off persistently high inflation.
Last Trading session (Wednesday), the intraday market USDINR range was 75.1375-74.8275 before finishing at 74.87.
UBS analysts said in a note that Indian equities looked unattractive, especially on expensive valuations and fading earnings momentum.
On Wednesday, Indian shares ended lower dragged by metals and energy stocks on weaker commodities, while investors also turned cautious after a red-hot rally by the benchmark indexes over the past few sessions. The NSE Nifty 50 fell 0.8% at 18,266.60, while the S&P BSE Sensex dropped 0.7% at 61,259.96.
Fed Governor Randal Quarles on Wednesday said that while it is time for the Fed to begin dialling down its bond-buying program, it would be premature to start raising interest rates in the face of high inflation that is likely to recede next year.
Day Trend: - Trend changing (BUY to SELL)
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