USDINR
On Thursday, November 25, 2021, we are expecting USDINR likely to commence the session with a firm note between 74.55 – 74.65 levels as the dollar gained broadly overnight, reaching 16-month highs against the euro and an almost five-year top against the Japanese yen as investors bet that the U.S. Federal Reserve will tighten monetary policy faster than its peers.
Fed officials have contributed to the more hawkish view that the U.S. central bank may act sooner to try to stem rising price pressures if inflation doesn’t moderate, while the European Central Bank (ECB) is expected to remain more dovish as growth in the region lags.
Plans by the Indian government for a new bill that would bar most private cryptocurrencies has triggered heavy selling in the country's digital currency markets, as investors look to exit positions despite the losses, said, traders and investors.
Indian shares erased early gains to end Wednesday lower, as auto, IT and consumer stocks fell, outweighing gains in the energy and banking sectors.
India's plan to release 5 million barrels of oil from stockpiles in tandem with releases by other major consumers is unlikely to alter its crude import plans as it is already selling less from the caverns than its target.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 74.86(74.62 – 74.38) 74.14
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