On Wednesday , Rupee opened @ 68.72/73 against greenback on firm inflows.
Early trade USDINR sharp gain up to 68.55/56 levels.
India 10 yr yields fall sharply on Bond demand.
Rupee appreciation only and only on high dollar inflow ahead of election.
Oil price north side momentum is still matter of concern.
We expect that on FII inflows as well as Oil price rally keep USDINR in 1% - 2% range bound.
INTRADAY RANGE -69.24 ( 68.93 - 68.61 ) 68.30
On Tuesday , Rupee recovered from the day's low to settle at 68.74 against the dollar with gains of 68 pips intraday amid sustained foreign fund inflows and heavy buying in domestic equities.
At Interbank, the domestic currency opened lower at 69.27 a dollar but recovered the losses during the day and touched the day's high of 68.6950. It settled at 68.74 per dollar, up 40 paise over its previous close.
The dollar was steady against its peers on Wednesday, as the recent bounce in U.S. bond yields stalled on increasingly dovish rhetoric from global central banks.
The dollar index against a basket of six major currencies was little changed at 97.313, having lost some traction after climbing a 3-1/2-week peak of 95.517 the previous day.
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