USDINR
The Rupee is likely to commence on Friday session with a weaker note between 74.80-74.90 levels as Oil clawed back Thursday’s early losses and a chunk of the previous session’s slide on a report that the U.S. government was not planning to sell crude from its emergency reserves nor ban exports of the commodity to contain runaway fuel prices and inflation.
Last Session (Thursday), USDINR in the interbank market traded between 74.9375 – 74.70 before finished at 74.78/79 levels.
All 60 forecasters in a Reuters poll said they see no change in the repo rate on Oct. 8. and though price pressures have soared due to rising fuel prices the RBI is only expected to raise the repo rate in April-June 2022.
Indian shares settled higher on Thursday, boosted by a rally in auto stocks after Tata Motors soared 14%, while jewellery maker Titan Company touched a record high as it indicated a strong demand recovery in the second quarter.
Day Trend: - BUY ON DIP (Pair in Overbought territory)
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