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• Indian rupee declined and settled at 74.78 despite a weaker US Dollar as forex participants remained cautious after the Union Budget revised the fiscal deficit target upwards for FY’22.

• Union Finance Minister presented the Budget for FY 2022-23. FM pegs fiscal deficit at 6.4% of GDP.

• Gold prices ticked up resulting from a weaker US Dollar.

• Crude oil prices edged up after a volatile session. Market awaits the OPEC+ meeting, scheduled today, outcomes for further turn.

Outlook USDINR

Having achieved our target of 74.4, yesterday, USDINR is poised for a pull back. Should such pull back not breach 74.7 by big margin, expect a consolidation with a bearish bias.

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