Rupee cut back previous losses and inched higher following stronger domestic equities though the Dollar index also remained positive - Geojit Financial
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News Box
• Gold prices retreated on Monday resulting from the strengthening of US Dollar and rising 10 yr. US Treasury yields.
• Rupee cut back previous losses and inched higher following stronger domestic equities though the Dollar index also remained positive.
• Crude oil prices rose supported by tightening supply and recovering demand. OPEC+ meeting may result in an output hike announcement.
• 10 Yr. US treasury yield rose to 6-week high as investors assessed Omicron spread, inflation, and faster policy tightening by the Fed. Interest rate hikes are expected by the end of asset tapering procedures.
• India’s Markit manufacturing data says the manufacturing sector is rising however on a slow pace.
OUTLOOK - USDINR
Prospects of a pull back to 74.8-75 will increase if USDINR continues to consolidate like yesterday. Alternatively, inability to float above 74.4, could call for 73.82.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
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