USDINR
On Friday, We are expecting USDINR to commence the session within the range of 73.50 – 73.60 levels despite the dollar held near three-week highs U.S. retail sales unexpectedly increased in August, rising 0.7% from the previous month despite expectations of a 0.8% fall, while business sentiment survey by the Philadelphia Fed also showed a big improvement. The Rupee getting support from heavy inflow in the equity market despite the that the USDINR pair getting lower-level support from the country central bank that trying to absorb inflow.
The Indian central bank said in its bulletin on Thursday, The softening of prices of various food items is likely to extend into the third quarter and contain the upside price pressures on headline inflation stemming from fuel and core prices.
The central bank's monetary policy committee has kept interest rates at record lows since middle of 2020 and vowed to keep the policy accommodative until economic recovery was achieved on a durable basis.
Indian shares hovered near record highs on Thursday, boosted by banks and consumer goods companies, while auto and telecom stocks jumped after the federal government approved support packages for both the sectors.
The blue-chip NSE Nifty 50 index was up 0.13% at 17,541.85, having earlier hit a peak of 17,576.9. The benchmark S&P BSE Sensex was 0.15% higher at 58,813.62 after touching a record high of 58,908.18.
Day Trend: - UPSIDE SELL
INTRADAY RANGE – 73.82 (73.63 – 73.43) 73.24
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