USDINR
On Friday, USDINR is most likely to commence session between 75.15 – 75.25 as greenback soared to highs last seen in July 2020, a day after the Federal Reserve said it could deliver faster and larger interest rate hikes in the months ahead.
Foreign investors have been cutting their holdings of Indian equities over the past few months, but domestic mutual funds, banks and insurance companies have helped put a floor under the market with their buying.
Indian shares ended at four-week lows on Thursday, as IT stocks lost ground for an eighth straight session, tracking a risk-off mood in global markets after the U.S. Federal Reserve flagged likely rate hikes in March.
India's top steelmakers have urged the government to provide federal funding and other economic assistance to help them meet targets for cutting carbon emissions, a leading industry body said.
Oil prices fell after Brent crude hit a seven-year high above $90 a barrel, as the market balanced concerns about tight worldwide supply with expectations the U.S. Federal Reserve will soon tighten monetary policy.
Day Trend: - BUY ON DIP (PAIR IN OVERBOUGHT ZONE)
INTRADAY RANGE – 75.53(75.28 – 75.03)74.78
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