USDINR
On Tuesday, The domestic unit (Rupee) is most likely to commence session within a range between 74.40 – 74.50 level despite the greenback safe-haven dollar hitting a 16-month high against its major peers on Monday, fuelled by global growth and inflation concerns, as well as monetary policy expectations, as investors awaited data this week on the strength of U.S. consumers.
The dollar surged on Wednesday after data showed U.S. consumer prices rose last month at the fastest annual pace since 1990, casting doubt on the Federal Reserve's view that price pressures will be transitory and fuelling speculation that interest rates will be lifted sooner than previously thought.
On Monday, the Reserve Bank of India said in its monthly bulletin released Overall India's monetary and credit conditions stay conducive for a durable economic recovery to take root.
India's annual wholesale price - based inflation, a proxy of producers' prices, accelerated in October to a five-month high, pushed up by increases in fuel and manufacturing prices, fuelling concerns of rising inflationary pressures for firms.
Day Trend: - BUY ON DIP
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