USDINR
We are expecting that USDINR commences Tuesday Session between 74.50 – 74.60 levels as greenback dollar fell overnight, posting its largest daily fall since last November as investors consolidated gains after hitting a 1-1/2-year high on Friday on expectations of a faster pace of rate hikes by the Federal Reserve.
Fed funds futures late Monday have priced in just under five hikes for 2022, or about 121 basis points of tightening. They also showed a 17% chance of a 50 basis-point increase in March, down from as high as 32% on Friday.
India has forecast its economy will grow 8% to 8.5% for the fiscal year starting in April, down from 9.2% projected in the current year, as it fights a spike in COVID-19 cases and rising inflationary pressure.
All macro indicators indicated Asia's third-largest economy was well placed to face challenges, helped by improving farm and industrial output growth, the government's annual economic survey.
All Eyes of Indian Union Budget 2022 – 2023.
Day Trend: - HOLD
INTRADAY RANGE – 75.25(74.81 – 74.36)73.91
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