The rupee spiked to close above a one month high yesterday - Geojit Financial Services
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News Box
* The rupee spiked to close above a one month high yesterday.
* The dollar fell against most of its Group-of-10 peers.
* Fed statement sounding less keen to raise rates has put pressure on the greenback.
* US stocks pared earlier gains, but hovered near all-time highs, while Treasury yields rose across the board.
* Oil rose for a third session, yesterday, as the passage of a US infrastructure bill, and Chinese exports lifted prospects of fuel demand.
OUTLOOK - USDINR
Our downside objective of 73.9 was achieved yesterday, but the momentum looks too strong to allow a pull back. Favoured view expects an initial consolidation inside 73.96-75.85 before the next directional move unfolds.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
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