USDINR
On Tuesday, USDINR likely to commence between 74.40 – 74.50 levels as greenback set a 16-month high against the euro after Federal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden, while the single currency was hurt by COVID-19 related lockdowns.
Last Trading session on Monday, Indian shares declined their most in seven months, dragged by heavyweight Reliance Industries, with losses in financial, auto and oil and gas shares pulling indexes further.
Shares of Reliance Industries fell 4.2% as India's largest firm halted a stake sale in its oil-to-chemicals business to Saudi Arabia's Aramco and pulled back from a potential spinoff of its most profitable unit.
Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies, but the timing of such a release remains unclear, seven government sources with knowledge of the plans told Reuters.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 74.74(74.54 – 74.32) 74.11
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