Rupee declined, despite a fall in Dollar index, due to less than expected rise in inflation - Geojit Financial Services Ltd
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* Indian inflation hit 5-month high in December at 5.59%, against 4.91% in November.
* Rupee declined, despite a fall in Dollar index, due to less than expected rise in inflation .
* Gold continued its rise, due to the weakening of US Dollar and the release of inflation data.
* Crude oil prices surged as gasoline stockpiles in the US fell to 2018 lows and as demand outstrips supply globally.
* 10 yr. US treasury yields slipped after the CPI data revealed that inflation was within expectations and investor views on market trajectory remain intact.
OUTLOOK - USDINR
Favoured view expects a bounce back to 74-74.3, inability to float above 73.8 will negate this reversal view, in which case, 73 would re appear in the radar. Favoured view sees low chances of the same today.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
