USDINR
On Thursday, The Rupee is most likely to commence the session with mild weakness between 74.80 – 74.90 levels against the greenback despite the dollar decline to more than a one-week after data showed a drop in U.S. private sector employment in January due to the increase in COVID-19 infections.
India's growth-focused budget for the upcoming fiscal year, on the back of record market borrowing, has fuelled worries among bond traders who fear the central bank may now be forced to act on the inflationary risks, despite its dovish policy stance.
Indian shares closed at a two-week high on Wednesday, taking heart from the government's plan to boost spending to pull the economy out of a pandemic-induced slump.
Indian officials have held heated discussions with Google, Twitter and Facebook for not proactively removing what they described as fake news on their platforms, sources told Reuters, the government's latest altercation with Big Tech.
ADP reported on Wednesday that U.S. private payrolls dropped by 301,000 jobs last month. Data for December was revised lower to show 776,000 jobs added instead of the initially reported 807,000. Economists polled by Reuters had forecast an increase of 207,000 in private payrolls.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.31(75.00 – 74.69)74.38
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