Indian rupee bounced back on Wednesday due to foreign banks’ Dollar sales and an increase in fund flows into domestic equity market - Geojit Financial
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* Indian rupee bounced back on Wednesday due to foreign banks’ Dollar sales and an increase in fund flows into domestic equity market.
* Crude oil prices rose to near $80 after OPEC+ has agreed to increase production from February.
* 10 Yr. US treasury yields gain on Wednesday from the potential of faster Fed tapering.
* Gold price slipped after the release of Federal Reserve meeting minutes
OUTLOOK - USDINR
Inability to float above 74.4 yesterday, marks continuation of downtrend towards 73.82. But we do not expect this to be a free fall, and we see room for consolidation, and re-emergence of positive bias, if 74.4 is reclaimed.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
