USDINR
We are expecting, USDINR to commence the Wednesday session with a firm note between 74.70 – 74.80 levels as the greenback strengthened and the euro weakened in sideways trade on Tuesday, a day after European Central Bank President Christine Lagarde tapped down expectations of aggressive interest rate hikes that have spooked bond markets.
A more hawkish tone from both the ECB and the Federal Reserve last week caught markets off guard and sent yields soaring on the eurozone and U.S. debt in anticipation rates could rise faster and higher than previously expected.
India's attempts to lower edible oil prices ahead of important state elections have been ruined by a spike in global palm oil prices to record highs after Indonesia, the world's biggest supplier, moved to restrict exports.
Indian shares recovered from mid-day losses to end higher on Tuesday, lifted by heavyweight Reliance Industries and metal stocks, while edible oil refiner Adani Wilmar surged more than 16% in its market debut.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.04(74.85-74.60)74.36
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