USDINR
On Wednesday, We are expecting USDINR to commence between 73.80-73.90 levels as domestic capital market inflows, as well as the greenback, edged lower against a basket of currencies on Tuesday after Federal Reserve Chair Jerome Powell's testimony signalled that while the Fed will be normalizing policy it has not made a decision on reducing its nearly $9 trillion balance sheet.
Powell noted that policymakers were still debating approaches to reducing the fed's balance sheet, and said it could sometimes take two, three or four meetings for them to make such decisions.
On Tuesday session Indian shares ended higher for a third straight day, with sharp gains in IT stocks offsetting a slide in the metal index as investors eyed the start of corporate earnings for more cues.
India's fuel consumption in December scaled a nine-month peak, although a fresh coronavirus wave may slow the gradual recovery of demand in the world's third-biggest oil consumer.
Fuel consumption, a proxy for oil demand, totalled 18.43 million tonnes, up 7.6% from November and 0.4% from a year before, data from the oil ministry's Petroleum Planning and Analysis Cell showed.
India is considering easing curbs on some Chinese investments, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Prime Minister Narendra Modi's government is now considering exempting proposals from companies where the foreign ownership is less than 10%, the Bloomberg report said.
Day Trend: - UPSIDE SELL (BUT PAIR IS OVERSOLD ZONE)
INTRADAY RANGE – 74.13(73.94 – 73.76)73.57
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