USDINR most likely to commence Thursday session with in range bound between 72.55 - 72.65 levels with positive note. For the time being , pair successfully defend medium term support at 72.25 level as greenback maintain winning momentum , reaching a 4mth high against the euro. The gap in the U.S. and European COVID-19 response continues to widen thanks to fresh lockdowns and a delayed vaccine rollout in the continent.
Last session , USDINR opened at 72.5050 , hit intraday lows 72.49/50 levels before advance day high at 72.6950/7050. Pair finished session at 72.56/57 levels.
INTRADAY RANGE - 72.27 ( 72.48 - 72.68 ) 72.89
GLOBAL OUTLOOKS
Inflation remains a concern for investors, however, with disruptions in the supply chain exerting cost pressures for manufacturers.
Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.
Yellen said she was open to banks buying back stock and paying dividends, a day after she mulled tax hikes to fund infrastructure upgrades and other investments and set off investors’ alarms. Powell added that 2021 will be a "very, very strong year in the most likely case.
Europe continues its battle against a third wave of COVID-19 cases. However, even Germany’s extended, strict lockdown failed to restore confidence in the regional economic outlook, with discontent with Chancellor Angela Merkel's handling of COVID-19 compounded instead.
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