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Indian rupee closed positively at 74.9 as domestic equities were on the green.

US equities slipped on reports of first confirmed case of the new variant in the region.

Trade deficit at record high in November as exports moderate

Crude oil benchmark futures increased by 3%, after the steep fall in November, ahead of OPEC meeting though OPEC members see an oversupply in 2022.

Gold bounced back after Tuesday's lows but remains on a bearish mode as US stocks and treasury yields are on the rise.

10 Year US treasury yields rose amidst fears of omicron variant and Fed's plans for faster tapering.

OUTLOOK - USDINR

The achievement our 75.2 objective had pushed USDINR into a consolidation mode, from which range, a break out is about to unfold.Favoured view sees the potential for a retest of the October peak of 75.53 or even 75.9. Inability to push much above 75.27 could however, force USDINR to settle inside 75-74.8.

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