USDINR
Day after Indian Union Budget, we are expected USDINR to commence between 74.65 – 74.75 levels as greenback carrying a couple of bruises as Federal Reserve officials played down the chance of a half-point rate hike in March and a rally in global equity markets tarnished some of its safe-haven allure.
India's government will step up spending to 39.45 trillion rupees ($529.7 billion) in the coming fiscal year to build public infrastructure and drive economic growth on Union Budget 2022-23, but it involves a wider fiscal deficit than targeted and record borrowing.
India's benchmark bond yield surged on a selloff that picked pace on Tuesday as the government announced increased borrowings in its 2022-23 federal budget, while a plan to boost spending to revive the pandemic-hit economy lifted the stock markets.
Growth in India's factory activity slowed to a four-month low in January as COVID-19 curbs hurt new orders and output, while high price pressures weighed on business confidence about the year ahead, a business survey showed.
The Indian government's sharply scaled-back plans to sell state-run companies have raised uncertainty among analysts around the size and scale of the proposed initial public offering of giant insurer Life Insurance Corporation of India.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.46(75.00 – 74.55)74.09
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