On Thursday session , USDINR likely to commence between 72.78 - 72.85 levels as dollar edged lower in early Asia, trading near two-week lows, as optimism over a global economic recovery weakens demand for this safe haven.
USDINR spot to continue to trade sideways with bearish bias in between 72.75-73.20 zone. The 72.74 level is performing as a strong support and break of which could push prices towards 72.25/72.50. However, on upside 73.08-73.22 will act as strong resistance levels.
Last session , At foreign exchange market, the USDINR opened at 72.8650/8750 & registered an intra-day lows of 72.8050/8150. It witnessed a high of 72.8775/8875. Pair It finished at 72.8350/8450, registering a fall of 6 pips over its previous close.
INTRADAY RANGE - 72.71 ( 72.78 - 72.88 ) 72.98
The dollar has seen selling against major peers as risk sentiment has been bolstered by rising optimism that monetary and fiscal support from policymakers, robust corporate earnings and the prospect that coronavirus vaccines could hasten a return to normality, particularly in the U.S. and U.K. Goldman Sachs upgraded its outlook for the U.S. economy in 2021, now expecting gross domestic product growth of 6.8% from 6.6% this year and 4.5% growth in 2022 from 4.3%.
Federal Reserve Chair Jerome Powell said he wanted to see inflation at 2% or more before even thinking of tapering the bank's super-easy policies. Powell emphasized that once pandemic effects were stripped out, unemployment was nearer 10% than the reported 6.3% and thus a long way from full employment.
Asian shares rested at record highs as investors digested recent meaty gains, though the promise of endless free money to sustain buying was reaffirmed by benign U.S. inflation data and a very dovish outlook from the Federal Reserve.
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