USDINR
On Wednesday, The Domestic Unit (Rupee) likely to commence with firm note between 74.20-74.30 as greenback trading near recent lows, as traders awaited U.S. jobs data for a guide to the rates outlook, while labour market strength lifted the kiwi in anticipation of a New Zealand rate hike within weeks.
Investors bet on a faster recovery in Asia's third-largest economy following a devastating second COVID-19 wave. On Tuesday Indian shares ended higher, with the blue-chip Nifty index surpassing the 16,000 level (all time high) for the first time.
Indian shares have more than doubled since hitting near four year-lows in March 2020 when the COVID-19 pandemic struck, as a market flush with liquidity saw strong foreign fund inflows and increased retail participation.
India's central bank is expected to leave interest rates at record lows for a seventh straight meeting on Friday, and the markets will focus on what it says about normalising liquidity.
Day Trend: - UPSIDE SELL.
INTRADAY RANGE – 74.49 (74.34 – 74.19) 74.04
Comments