USDINR
On Friday, USDINR is most likely to commence session with a weaker note between 74.40 – 74.50 levels despite greenback rose to almost 16-month highs against the euro and other currencies, after the hottest U.S. inflation reading in 30 years encouraged bets that the Federal Reserve would tighten monetary policy faster than expected.
Second-day inflation-related bets and closure of the U.S. bond market for the Veterans Day holiday likely reduced trading volume and amped up price volatility.
On Thursday Indian shares ended lower, weighed down by losses in banking and automobile stocks, with investor sentiment also soured by broad worries about inflation triggered by a big jump in U.S. consumer prices.
Paytm's $2.5 billion initial public offerings, India's largest, was oversubscribed at the close of bidding on Wednesday, although investors showed less enthusiasm than for some other tech firms that have ridden the country's IPO boom.
Indian cosmetics-to-fashion platform Nykaa surged 96% in a blockbuster debut on Wednesday, fetching the country's first women-led unicorn a valuation of nearly $14 billion.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 74.71 (74.56 – 74.28) 74.08
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