* Indian currency F&O expiry for Jan is due today.
* Indian Rupee ended at 72.94 on Monday, up 3 paise against its previous close of 72.97.
* FBIL set the reference rate for USDINR at 73.038 and Euro at 88.8624.
* US dollar edged lower against a basket of currencies on coronavirus concerns.
* US Fed began its two-day monetary policy meeting yesterday.
* In economic news, US durable goods orders for Dec is scheduled to be released today.
* Euro awaited more cues from political news while UK’s pound to follow unemployment rate that jumped to four year high.
* China is set to release its Industrial profits for Dec period.
OUTLOOK - USDINR
The Indian currency maintained its winning streak for a fifth straight day; gained by 3 paise on Monday against US dollar. Local unit opened at 72.95 a dollar and made an intraday high and low of 72.89 and 72.96 before settling the day at 72.94 against its previous close of 72.97. On Friday, Rupee closed higher by 2 paise. FIIs were sellers in the capital market segment on 25 Jan 2021; sold shares worth Rs 765.3cr as per exchange’s provisional figures. DIIs, on the other end were also sellers to the tune of Rs 387.76cr for the same period. Oil prices rose after recent data showed larger than expected draw in crude oil inventories and reports of blast in Saudi Arabia. IMF in its economic outlook report raised its forecast for economic growth in 2021 but warned of “exceptional uncertainty” due to new waves of Covid-19 infections. The global agency said that the Indian economy to witness a growth of 11.5% in 2021, up 2.7% from its October forecast. For the markets around the globe, US central bank policy decision later today to be in focus. For USDINR, 73.09 and 73.30 may act as crucial levels in the upside while 72.81 and 72.63 will act as support levels.
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