USDINR
On Fantastic Tuesday, We are expecting USDINR likely to commence session within range of 75.00 – 75.10 levels as greenback traded early Asia session with a mild weaker note near 96.19/20 levels, boosted by higher U.S. Treasury yields as traders considered Friday’s sharp moves on the discovery of the omicron coronavirus variant as overdone.
Data was expected to show that India's economic recovery strengthened in the July-September quarter, helped by a pick-up in consumer spending, though the spread of the Omicron coronavirus variant raised fears for the future.
Asia's third-largest economy has been seeing a rebound from last year's deep slump, boosted by rising vaccination rates and a pick-up in government spending.
The World Health Organization said on Sunday that it is not yet clear if the new omicron coronavirus variant is more transmissible compared to other variants or if it causes more severe disease.
Vaccine makers have indicated that they will be able to reformulate their drugs in pretty short order, and this has prompted traders to unwind a lot of Friday’s sharp moves, which were all the sharper for taking place on a day when liquidity was thin due to the U.S. holiday weekend.
Day Trend: - HOLD( some correction possible)
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