USDINR opened 0.35 pips weaker @ 72.20/21 against yesterday closed 71.85/86 levels. weakness in domestic unit due to assembly poll outcome as well as new RBI governor appointment. A part from that on daily chat USDINR form Hanging Man formation that indicate domestic unit could be strengthen against greenback.
INTRADAY RANGE - 71.10 (71.62 - 72.52) 72.85
The ruling Bharatiya Janata Party lost power in three key states of Rajasthan, Chhattisgarh and Madhya Pradesh on Tuesday, dealing Prime Minister Narendra Modi his biggest defeat since he took office in 2014 and boosting the opposition ahead of national polls next year. The results in the heartland rural states could force the federal government run by Modi’s Hindu nationalist BJP to raise spending in the countryside, where more than two-thirds of India’s 1.3 billion people live.
The dollar 0.80 % held near a one-month high against its peers on Wednesday, supported by a rebound in US yields and weakness of the pound as its battering from uncertainty about Brexit continued. The greenback was lifted as long-term US Treasury yields bounced from three-month lows.
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