USDINR WEDNESDAY OUTLOOKS:- RUPEE FIRM ON DOLLAR BACKFOOT AS WELL AS INDIAN GDP UP !!

USDINR

USDINR is most likely to commence Wednesday session between 72.95 – 73.05 levels as the greenback fell to its lowest level in more than three weeks as well as Indian GDP rebounding after pandemic lockdown horror.

• Indian Gross domestic product expanded 20.1% in April-June, the first quarter of India's fiscal year, compared with the same period a year earlier, driven mainly by manufacturing and construction. Indian Gross domestic product expanded 20.1% in April-June, the first quarter of India's fiscal year, compared with the same period a year earlier, driven mainly by manufacturing and construction.

• The RBI, which has kept its monetary policy loose, has forecast annual growth of 9.5% in the current fiscal year while warning about the possibility of a third pandemic wave.

• India's federal fiscal deficit in April-July, the first four months of the fiscal year, stood at 3.21 trillion rupees ($43.98 billion), or 21.3% of the budgeted target for the whole year.

• Net tax receipts were 5.21 trillion rupees while total expenditure was 10.04 trillion rupees.

On Tuesday, India's ambassador to Qatar held talks with a top Taliban leader, the Indian foreign ministry said, and the first formal diplomatic engagement since the hardline Islamist group took over Afghanistan.

Day Trend: - UPSIDE SELL (pair try to jump).

INTRADAY RANGE – 73.46 ( 73.15 – 72.85)72.54