USDINR
On Wednesday, Rupee is likely to commence the session with a firm note between 74.95 – 75.05 levels against the greenback. The dollar traded mostly lower in the early Asian session on Wednesday, ahead of what is set to be a quiet day dominated by U.S. corporate earnings and sentiment.
Buying vegetables at a small market on the outskirts of Mumbai, the recent rapid rise in the cost of everyday essentials, from cooking oil to sugar and now onions, a basic ingredient in most Indian food.
Indian shares snapped a seven-session winning streak on Tuesday, dragged down by metal and bank stocks, while the country's top cigarette maker ITC plunged 6% after the government decided to form a group for tobacco tax policy.
Most of the greenback’s losses were against commodity and emerging currencies, with the kiwi still surging after higher-than-expected September inflation figures brought the prospect of more aggressive interest rate hikes into play on Monday.
Commodities, in general, remain red-hot, with copper, tin, crude oil and coal all trading at significant premiums for immediate delivery relative to futures markets.
International Monetary Fund chief economist Gita Gopinath will return to Harvard University in January as planned when her public service leave of absence from the university ends.
Day Trend: - Trend changing (BUY to SELL)
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