USDINR
On Wednesday, The USDINR pair is most likely to commence a session between 76.30 – 76.40 levels as the U.S. dollar lost value to the euro and other major currencies after oil prices fell and were ahead of the Fed's expected rate hike.
The market is expecting the U.S. central bank to raise interest rates for the first time in three years by at least 25 basis points amid surging prices. Traders will also be closely watching the Fed for details on how it plans to end its bond-buying program.
Oil prices tumbled more than 6% to their lowest in almost three weeks as supply disruption fears eased on Ukraine peace hopes and surging COVID-19 cases in China spurred demand concerns.
India acts to seize the gap in the wheat export market left by the Ukraine war.
On Tuesday, Indian shares ended more than 1% lower in choppy trading as cooling oil and metal prices dragged down energy and steelmaker stocks, with investors locking in gains ahead of the U.S. Federal Reserve meeting.
Day Trend: - UPSIDE SELL
INTRADAY RANGE – 77.05 (76.69 – 76.32) 75.96
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