USDINR
On Fry FRIDAY, The Domestic Unit (Rupee) is ready to commence session with weaker note between 74.38 – 74.48 levels as greenback rose to a nine-month high, as worries about widespread coronavirus infections and Federal Reserve meeting minutes showing it was considering reducing pandemic-era stimulus this year hit global stocks and commodity-linked currencies.
A decline in debt purchases by the Fed is widely considered positive for the dollar as it is expected to raise U.S. government bond yields, making it more attractive for investors to hold dollar-denominated assets.
The minutes of the Fed's July meeting showed officials largely expect to reduce their monthly bond buying later this year.
The euro fell as low as $1.1665 against the dollar for the first time since early November, and was last down 0.2% at $1.1684.
The Norwegian crown extended its fall against the euro even as the country's central bank kept interest rates on hold and reiterated plans to hike them in September.
The outlook for the pound remains promising but the dollar is on a tear and, like others, the pound is suffering the consequences.
Day Trend: - BUY ON DIP
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