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News Box

* Rupee continued its rally to reach one-month high, following year-end dollar selling by banks, and settled at 74.35 on Thursday.

* Crude oil price stabilized but with a negative bias on Thursday after China's decision to cut import allocations despite strong global demand amid Omicron concerns.

* 10 Yr. US treasury yields saw a dip but stayed above 1.54% as investors assess the economic impact of omicron variant.

* Gold price steadied on Thursday following a few choppy sessions as investors remain wary about the holidaythinned liquidity conditions.

OUTLOOK - USDINR

USDINR finally tested the 74.4 support that we have been eying for a few days now. Though there were no signs of a reversal, it is fair to expect bargain hunting at this level, but we will look for consistent trades above74.5 before playing a short covering move that could aim for 74.75. The prospects of the same look low at this point though, and inability to float above 74.4, could call for 73.82.

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