Rupee cut yesterday’s early losses and closed on a strong note - Geojit Financial Services
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* Rupee cut yesterday’s early losses and closed on a strong note as the greenback gave away gains. Domestic equities continued on a muted trajectory.
* WTI and Brent crude oil futures fell on Wednesday. Concerns loom around the Biden administration releasing the SPR.
* Gold recovers on Wednesday in a bullish turn after choppy trends for the previous days. Inflation worries gave the metal a boost even as the dollar hit multi-month highs.
* 10 Year US treasury yields slip on Wednesday following the housing starts and building permits report.
OUTLOOK - USDINR
The drop in the second half lends a negative bias to USDINR. As long as74.36 region holds, expect consolidation with a negative bias, aiming 74.13. A pull back near 74.40 will render the trend neutral.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
