USDINR most likely to commence Thursday session with negative note between 72.95 - 73.03 levels as U.S. Treasuries recording orderly gains and boosting the dollar, U.S. Federal Reserve Chairman Jerome Powell is also due to give a speech later in the day.
Last trading session , USDINR was volatile ,On Wednesday session Rupee advance 58 pips against greenback. Pair opened at 73.2550 , hit intraday high at 73.2650/2750 then delivered strong correction till 72.6850/6950 before finished at 72.7150/7250. USDINR direct correlation with FII flows.
INTRADAY RANGE - 71.98 ( 72.56 - 73.15 ) 73.48
The benchmark ten-year Treasury yield gained to 1.4894% during the Asian session, with the dollar trading up against most currencies as calm continued to return to the market and boosted investor sentiment.
The performance of the dollar will vary depending on the currency … dollar/yen looks well bid because of yields and because Japan’s economy is underperforming relative to the U.S., but as long as commodity prices rise, the dollar will weaken against commodity currencies.
Investor focus on an economic rebound was not detracted by data released overnight that showed the U.S. labour market struggling in February, when private payrolls rose less than expected.
Bond yields weigh on Asian stocks, as wary investors recall last week's sell-off in government bonds that caused yields to spike, spooking equity markets and causing shares to tumble.
Oil prices softened early Thursday, after jumping more than 2% overnight, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet next week
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