INSUBCONTINENT EXCLUSIVE:
to settle at 74.29 (provisional), driven by positive domestic equities and weaker American currency
rising to its highest level in three weeks
In an early trade session, the local unit rose seven paise to 74.31 against the greenback
unit settled at 74.38 against the greenback
fresh reassurance that the United States interest rate hikes are distant and as riskier currencies drew support from China's efforts to
soothe the stock market jitters
Most of the Asian currencies traded stronger against the dollar.What analysts say:Mr Amit Pabari, MD, CR Forex:''On the domestic front, the
cabinet has announced the enactment of the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill, which would ensure an amount of Rs 5
lakh stored in bank accounts
They have also announced amendments to LLP laws to provide ease of doing business benefits to the new ventures.However, clouds are still
hovering on the domestic outlook due to many headwinds in business activity
Overall, the outlook on the USDINR pair remains the same
So, it is likely to continue its short-term range of 74.30-75.00 until another major event gives a breakout on the higher side.Kshitij
Purohit, Lead International - Commodities at CapitalVia Global Research Limited:During early Wednesday, the USD/INR was pushed at 74.45,
Despite negative drivers for India, the rupee (INR) pair consolidates the previous day's gains
The International Monetary Fund's (IMF) downward revision of the Asian nation's FY 2021 GDP predictions to 9.5 percent, down from 9.8
percent previously expected, has gotten a lot of press.Aside from the IMF forecasts and headlines, the US-China squabbles and Beijing's
crackdown on IT and education firms also weigh on market mood, not to mention the Fed's pre-Fed prudence in defending the US dollar
markets around the world are either in a consolidation phase or are moving in bearish trend, the effect of this can be seen in the movement
of Asian currencies.On the contrary, buyers have to close above 74.8 in order to trigger a strong upside momentum.''Domestic Equity Markets
Today:On the domestic equity market front, the BSE Sensex ended 209.36 points or 0.40 per cent higher at 52,653.07, while the broader NSE
Vice President, Equity Technical Research at Kotak Securities:''On the monthly F-O expiry day, the market witnessed a smart pullback rally,
although the July series has been volatile with a momentum of nearly 450 points
while the sectoral performance in the current month series was mixed with realty and metal indices gaining over 13 percent, auto and energy
weakness, while on the other side uptrend wave could continue up to 15900/53200 if indices succeed to trade above 15820/ 52700
