USDINR will commences on near previous day closed, domestic currency on continuous basis getting stiff resistance near 75.35 - 75.40 levels against greenback. USDINR Fresh weakness will start after closed above 75.75 levels.
On Wednesday, as expected USDINR pair get bids near 75.4150 and drag up to 75.59/60 levels near intraday high at 75.6150 levels.
Standard & Poor's retained India's sovereign credit rating at BBB- with stable outlook. The ratings agency said, "While risks to India's long-term growth rate are rising, ongoing economic reforms, if executed well, should keep the country's growth rate ahead of peers."
Indian and Chinese military commanders made progress in talks on Wednesday to defuse a standoff along their disputed border in the western Himalayas after pulling back some troops in confidence-building gestures, Indian government officials said.
INTRADAY RANGE - 75.29 ( 75.43 - 75.73 ) 75.89
THE FEDERAL RESERVE
The Federal Open Market Committee left its benchmark rate unchanged in the range of 0% to 0.25%.
The wave of stimulus from the Fed has taken its balance sheet above $7 trillion from about $4 trillion just before the pandemic struck in the U.S. in early March.But the central bank has no plans to rein in quantitative easing, pledging to maintain the current pace of bond purchases over the coming months to support the flow of credit to households and businesses.
The low-rate environment will continue for some time, with policymakers backing rates to remain unchanged through 2022.
The committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
The unemployment rate for the year is expected to come in at 9.3%, up from 3.5% previously, but eventually, fall to 5.5% by 2022.
The economy is expected to contract by 6.5% in 2020, down from an estimate for 2% growth previously, but return to growth, albeit well below previous estimates, in 2021 and 2022.
The Fed expects the economy to grow by 5% next year, and 3.5% in 2022, up from previous estimates of 1.9% and 1.8%, respectively.
The pace of inflation, which will continue to be the key driver for future monetary policy, is forecast to cool to a rate of 0.8%, down from 1.9% previously. While core-PCE inflation for 2021 was revised lower to 1.5% from 2%.
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