USDINR
On Tuesday, The domestic unit is likely to commence a session between 73.60 – 73.70 levels as the dollar has also been gaining ground on expectations the Federal Reserve will begin reducing its monthly bond purchases this year, with the central bank's policy announcement due on Wednesday.
The Indian rupee depreciated sharply on Monday after US Treasury Secretary Janet Yellen renewed her call for raising the country's debt ceiling to avoid a possible debt default by the world's largest economy.
On Monday, The rupee opened at 73.8250 a dollar, down from its previous close of 73.48. The rupee hit intraday firm was at 73.6150, brought down by nationalised banks selling dollars, possibly on behalf of the central bank. The 10-year bond yields were relatively stable at 6.16 per cent.
Indian shares slid 1% and the Nifty 50 logged its worst session since July, dragged by a sharp dip in metals on concerns of default by Chinese property behemoths, while investors awaited further cues on monetary policy by the U.S. Federal Reserve.
Day Trend: - BUY ON DIP
Comments