USDINR
On Thursday, The 🇮🇳 rupee feel the heat of global inflation fear, USDINR likely to commence session with a firm note between 74.50 – 74.60 levels as greenback jumped sharply overnight, with the euro hitting a 16-month low against the greenback, after U.S. consumer prices surged to their highest rate since 1990, fueling speculation that the Federal Reserve may raise interest rates sooner than expected.
The 🇺🇸 consumer price index rose 0.9% last month after gaining 0.4% in September and in the 12 months through October, the consumer price index accelerated 6.2%. the U.S. Labor Department said on Wednesday, while analysts expected on average the rise to be limited to 5.8%.
Paytm's $2.5 billion initial public offerings, India's largest, was oversubscribed at the close of bidding on Wednesday, although investors showed less enthusiasm than for some other tech firms that have ridden the country's IPO boom.
The Indian government's move to reduce taxes on petrol and diesel earlier this month will be significantly positive for inflation, Reserve Bank of India governor Shaktikanta Das said on Wednesday adding that growth impulses have become stronger.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.00 (74.64 – 74.28) 73.92
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