On Wednesday , We are expecting Rupee likely to commence session with positive note between 72.35 - 73.42 levels as greenback down early morning in Asia, sliding to a three-year low against the GBP and recording losses against commodities currencies, as increased bets that the global economic recovery from COVID-19 whet investors’ risk appetite.
On last trading session (Tuesday) , USDINR opened at 72.36/37 then slipped up to intraday lows at 72.3050/3150 levels. Next half of trading session pair got some momentum and hit intraday high at 72.4650/4750 before finished at 72.44/45 levels.
Despite Oil price near year high, Yields going north as well as inflationary pressure getting momentum. USDINR in oversold territory due to FII fund flow momentum continue.
Importers must concern there medium term lability. (Develop Strategy).
INTRADAY RANGE - 72.15 ( 72.28 - 72.52 ) 72.69
GLOBAL OUTLOOKS
U.S. Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to low interest rates and bond purchases to support the U.S. economic recovery. However, the Fed support could be a long-term negative factor for the greenback. Powell also dismissed concerns that loose monetary policy could lead to inflation and financial bubbles which have dominated 2021 so far as skepticism grows over the rally in global stocks.
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