USDINR
On Friday, USDINR is likely to commence on a firm note between 74.85 – 74.95 levels after six-day Sharpe correction as the greenback gained against a basket of currencies, erasing earlier losses, boosted by better jobs and housing data, and as U.S. Treasury yields rose.
On Thursday, Indian shares closed lower for a third straight session as losses in technology stocks outweighed gains in banks, while Asian Paints fell over 5% after higher raw materials costs dented profit, highlighting inflation concerns.
The Nifty 50 index fell 0.5% to 18,178.10, while the S&P BSE Sensex dropped 0.6% to 60,923.
U.S. home sales also surged to an eight-month high in September, but higher prices as supply remains tight are squeezing first-time buyers out of the housing market.
Data showed that the number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labour market, though a shortage of workers could keep the pace of hiring moderated in October.
Day Trend: - BUY ON DIP
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