We are expecting Wednesday pair commence session between 72.93 - 73.00 levels. USDINR hovering near old support levels 72.74(last seen 1st September 2020) - 72.90 levels, pair getting some intervention near 72.85 - 72.90 levels thru central bank as well as importers covering short term positions.
FII inflows keep rupee firm against greenback.
On Monday session, USDINR opened at 72.95/96 levels but pair stuck between 0.1175 pips move . Intraday high was 72.97/98 , day low at 72.8875/8975 before finished at 72.94/95 levels.
INTRADAY RANGE - 72.82 ( 72.90 - 72.07 ) 73.19
The U.S. Federal Reserve is due to announce results its two-day policy meeting on Wednesday. Analysts expect the Fed to stick to its dovish tone to help speed the economic recovery. U.S. Treasury yields were mostly down in choppy trading overnight, after earlier hitting three-week lows on the long end of the curve, as investors remained cautious about the size of a proposed U.S. stimulus package.
DOLLAR INDEX INTRADAY RANGE - 90.90 ( 90.40 - 89.90 ) 89.40
On Wednesday Asian equities looked set to rise , bouncing back from a steep sell-off on Tuesday. Traders are also keenly watching progress on the U.S. stimulus front after Senate Majority Leader Chuck Schumer said Democrats may try to pass much of the President's massive spending package with a majority vote, but it is not clear if they have the numbers to override Republican objections.
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