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The government announced the opening of nine special vostro accounts withtwoIndianbanks following authorization from the Reserve Bank of India (RBI) to promote overseastrading in Indian rupees. Sberbank and VTB Bank, Russia's largest and second-largest banks,are the first foreign lenders to gain approval after the RBI established criteria for rupeeoffshore commerce in July.

Urban to rural remittances increased 10-15% in October over September, thanks to theholiday and wedding seasons, according to industry participants. Every month, Indiaprocesses over 20,000 crore in domestic remittances.

According to Reuters, Fed's Waller said recent data have made him more comfortable withthe notion of a 50bps raise in December, which would still be major moves; the Fed willexamine data between now and December before deciding on the next policy step.

US Treasuries rose throughout the session in response to conflicting US data, worryingretailer surveys, and a near-record strength 20-year auction.

In October, retail sales increased faster than predicted. The initial reaction pushed the USDollar Index higher. The US Census Bureau stated on Wednesday that retail sales in theUnited States (US) increased by 1.3% in October to $694.5 billion.

OUTLOOK - USDINR

USDINR looked well poised for 81.7 early in the day, as anticipated, but the upmovesfizzled off as the day unfolded. The turn lower thereof did not set off a directionaldownside though, as bargain hunting remerged. Expect a few more attempts today to scale81.7, as long as 81.3-81.2 hold.

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