We are expecting , Rupee commence Thursday session within range bound but with positive sentiment between 72.75 - 72.82 levels despite greenback up on early morning in Asia following its first back-to-back gains in two weeks overnight. Positive U.S. data that continued to raise hopes that the country will see a faster economic recovery from COVID-19 than its global peers.
On Last Trading session Interbank market , USDINR opened at 72.9050/92.9150 then try to jump but capped gain till intraday high at 72.9350/9450. We again witnessed that upside pressure is persist , pair hit lows at 72.70/71 levels before finished session at 72.75/76.
INTRADAY RANGE - 72.40 ( 72.64 - 72.92) 73.09
Bitcoin maintain winning momentum continued its rally, hovering near a new record high of $52,640 during the previous session. However, the cryptocurrency’s surge of around 58% in February has prompted some investors to warn that the rally could be unstable.
U.S. data released on Tuesday gave the Dollar index boost. Core retail sales +5.9% MoM in January, compared to the 1% growth in forecasts and the 1.8% fall recorded in December. The Producer Price Index +1.3% MoM in January, higher than the forecast 0.4% growth and December’s 0.3% growth. Retail sales +5.3% MoM in January, against the forecast 1.1% growth and December’s 1% fall.
On Thursday, Oil prices rose extending this week's gains and hitting 13-month highs, as a cold snap sweeping Texas and surrounding regions shut at least a fifth of U.S. refining output and a million barrels of crude production.
Gold, which posted its biggest annual gain in a decade last year, has dropped more than 6% in 2021 amid optimism on growth, fueled by expectations for progress on vaccinations and more economic aid. A gain in 10-year Treasury yields is also weighing on demand for non-interest-bearing bullion, and prices have extended losses after forming a so-called death-cross pattern. Spot gold was little changed at $1,783 an ounce by 10.30 a.m. in Singapore, after dropping to $1,769.65 overnight.
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