On Wednesday , USDINR started session @ 71.55/56 levels against Tuesday closed at 71.56/57. Rupee is consolidating in the range ahead of RBI policy outcome. Meanwhile, most interest to the currency market is President Trump's views on the US-China trade row. The government shutdown has ended for now but Trump's stance on the budget will also be in focus.
TREND INTACT BULLISH TILL HOLD 71.40 LEVEL INTRADAY RANGE - 71.21 ( 71.41 - 71.65 ) 71.82
On Tuesday , At the Interbank , the rupee opened stronger at 71.70 a dollar. The local unit moved in a range of 71.56 to 71.8075, before finally ending at 71.57, showing a gain of 23 pips. On Monday, the rupee had plunged by 55 paise to close at 71.80 against the US dollar. Foreign funds purchased shares worth Rs 420.65 crore on a net basis, and domestic institutional investors bought shares worth Rs 194.31 crore Tuesday, provisional data showed.
The dollar held mostly steady against its peers on Wednesday, moving in a narrow range ahead of US President Donald Trump's State of the Union address while drawing support from a sagging euro, which was weighed by soft data. The euro was little changed at $1.1397 after slipping 0.27% the previous day to its lowest since Jan. 28. The single currency was pressured after a survey released on Tuesday showed euro zone businesses expanded at their weakest rate since mid-2013 at the start of the year.
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