USDINR
On Wednesday, the market is nervous about the new COVID variant, We are expecting USDINR to commence the session with a mild weaker note despite the Dollar staging an extremely strong rally against other major currencies Tuesday after comments from Fed Chair Jerome Powell in which he said it's time to retire the word transitory and indicated the central bank could speed up the pace of cutting its monthly bond-buying.
India grew at the fastest pace of any major economy in the July-September quarter but economists said disruptions from the emerging Omicron coronavirus variant risked slowing the recovery, especially given India's low vaccination rates.
Economy grows 8.4 y/y in Sept qtr vs 20.1% in June qtr
Manufacturing up 5.5% vs 49.6% in the previous quarter
Govt adviser expects double-digit growth in current fiscal year
Economists fear new COVID-19 variant, inflation poses new risks
Indian shares ended lower in a highly volatile trading session on Tuesday, as concerns over the Omicron coronavirus variant wiped out positive sentiment surrounding expectations of strong gross domestic product data later in the day.
Day Trend: - BUY ON DIPS
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