USDINR opened @ 70.95/96 with 0.1650 pips stronger against yesterday closed at 71.1150/1250. Rupee get support after Federal Reserve hold Interest rate and said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the U.S. economic outlook. But Oil price mounting that is the main concern for Indian Rupee.
INTRADAY RANGE - 70.72 ( 70.85 - 71.16) 71.28
On Wednesday, Rupee opened on a weak note at 71.34 then fell further to 71.36 against the US dollar. The local unit, however, recouped most of its initial losses and settled for the day at Rs 71.12, lower by just 1 paisa over its previous close. During the day, the Indian currency had depreciated by 25 paise to 71.36 against the US dollar but gathered strength towards the fag-end of the session.
The dollar fell on Wednesday, after the Federal Reserve held interest rates steady, as expected, and struck a cautious tone on its outlook for the economy and future interest rate increases. The greenback hit session lows versus the euro and gave up gains versus the yen immediately after the Fed statement. Prior to the Fed comments, the dollar traded higher across the board.
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