Rupee closed at 74.11 yesterday, the strongest level of the day - Geojit Financial
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* Rupee closed at 74.11 yesterday, the strongest level of the day.
* Brent is seen trading 0.5% down in the morning having pushed above 72 yesterday, following three days of consecutive gains.
* FIIs were also on the selling side putting pressure on the rupee.
* Poor FII demand as well as firm oil is capping rupee’s gains.
* US 10year yields held gains ahead of the Jackson hold meeting, which may throw insights on the scaling back of bond purchases
OUTLOOK - USDINR
USDINR pushed above 74.27 on anticipated lines yesterday, but such gains could suggest. The pull back thereof and close near 74.11, which, suggests indecision, as last three days’ close has been in the same vicinity. This, thus sets a trading range of 74.30-74.1 for the near term, before directional move emerges.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
