INSUBCONTINENT EXCLUSIVE:
market, the domestic unit opened at 74.44 against the dollar and registered an intra-day high of 74.31
In an early trade session, the local unit inched four paise higher to 74.43 against the greenback
dollar consolidated near 92.45 levels as investors remained cautious ahead of the Federal Reserve policy meeting, while concerns about the
spread of the contagious Delta variant continued to weigh on sentiment
If Fed acknowledges that the US economic recovery is gathering steam and tapering could be on cards to keep inflation in check, the dollar
will rally towards 93.50-70 levels.Meanwhile, on the domestic front, International Monetary Fund has cut India's growth projection from
However, the only ray of hope to support the rupee is the FII inflows on account of the upcoming 9 IPO's for Rs 20,000 crs
International - Commodities at CapitalVia Global Research Limited:''Yesterday, USD/INR reversing the previous day's losses
The recovery moves appear to be downplaying India's recent good covid news.Technically USD/INR July opened almost on a flat note and was
moving in a marginally sideways to bullish trend since morning and closed in yesterday's range itself.Now the buyers have to close above
74.60 mark in order to trigger the bullish momentum, as the prices are consolidating in 74.60-74.35 zone for a few days now and we cannot
get a clear estimate of the upcoming direction as prices are hovering around moving averages and the RSI is also moving in a sideways
74.31 on the back of lumpy corporate and IPO related $ inflows, the lowest levels since early July
However, alleged intervention from the central bank pulled the pair near 74.38 by the close of day.Tonight's US FOMC meeting will be a key
A hawkish or dovish turn will determine the next volatility in USDINR
Nifty managed to defend 15700 and close marginally above the same
Support is now seen at 15500 while resistance is placed at 16000/16100 levels
For the near term expect short covering above 15770 on the index
