USDINR WEDNESDAY OUTLOOK:- USDINR STUCK IN RANGE!!
- fxmethods
- Nov 17, 2021
- 1 min read
USDINR
On Wednesday, USDINR is most likely to commence session within rate between 74.40 – 74.50 level as greenback edged higher, ahead of the release of key retail sales data, while the Chinese yuan benefited from the largely friendly dialogue between the U.S. and Chinese presidents during a virtual meeting.
India's gas oil demand contracted by about a fifth during the first fifteen days of November from the pre-COVID levels, after a festive season led brief recovery last month, preliminary sales data of state-run refiners showed.
India's central bank wants to gradually lower excess liquidity in the banking system but will ensure there is adequate liquidity always available to meet the needs of the productive sectors of the economy.
On Tuesday Indian shares ended lower as losses in finance and energy sectors wiped out gains from auto and tech stocks, with Reliance Industries and State Bank of India weighing on the blue-chip Nifty 50 index.
Day Trend: - TREND COULD DETERIORATE (BUY TO SELL)
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