USDINR most likely to commence Wednesday session with positive note between 73.15 - 73.22 levels as dollar index correct from 5 day winning momentum as well as India 10Yr Govt. yields stuck in range between 5.91% - 5.93%.
Last trading session Rupee show some resilience from 73.45 levels against greenback. Interbank range throughout the day was 73.4525 - 73.2350 before finished at 73.25 levels.
India’s retail inflation felt sharply to 4.59 per cent in the month of December 2020, mainly due to decline in food prices. The retail inflation, which is based on the Consumer Price Index (CPI), was 6.93 per cent in the month of November. India's factory output, measured in terms of Index of Industrial Production (IIP),contracted to 1.9 per cent in November 2020, MoSPI informed on Tuesday.
USDINR INTRADAY RANGE - 72.90 ( 73.12 - 73.33 ) 73.55
The dollar was down on Wednesday early Asian session ,Despite The strong demand seen at a $38 billion 10-year auction overnight and comments from Federal Reserve officials reiterating that monetary policy is going to stay supportive could see the dollar back on a downward slide.
Benchmark 10-year Treasury yields fell nearly 7 basis points from a 10-month high seen on Tuesday, in turn snuffing out the dollar’s three-day rally and pushing it back towards multi-year lows.
DOLLAR INTRADAY RANGE - 90.94 ( 90.33 - 89.72 ) 89.11
The GBP/USD pair edged up 0.16% to 1.3685. Bank of England governor Andrew Bailey played down the notion of negative interest rates to boost growth, saying that “there are a lot of issues” with them during his online speech to the Scottish Chambers of Commerce on Tuesday. Baily’s comments saw the dollar drop more than 1% against the pound.
GBPUSD INTRADAY RANGE - 1.3862 ( 1.3749 - 1.3582 ) 1.3415
U.S. crude gaining for a seventh day, after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the pandemic.
Prices are shrugging off the latest developments in Europe and the United States where death tolls and new infections keep rising, with the focus on rollouts of vaccines, however patchy, but risks to the market remain.
Asian stocks rose tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes.
Treasuries extended their rally in Asian trading, which pulled benchmark 10-year yields further away from the highest in almost a year and caused the yield curve to flatten slightly.
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