INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.34 against the dollarThe rupee gained eight paise against the US dollar on Friday, January 7,
to settle at 74.34 (provisional), tracking positive domestic equities
At the interbank foreign exchange market, the domestic unit opened at 74.41 against the dollar and registered an intra-day high of 74.25
The local unit ended the day at 74.30, registering a gain of 12 paise from its previous close of 74.42.Meanwhile, the dollar index, which
measures the greenback's strength against the basket of six currencies, fell 0.21 per cent to 96.11
According to forex traders, positive moves in Indian equity indices and stronger Asian currencies aided sentiments, and Omicron worries,
hawkish Fed minutes didn't have a desired impact on USDINR spot and instead of appreciating it is still flat hovering around 74.50 zone
The focus is on tonight's US NFP data for guidance on trajectory.A set of solid job data, in particular wage growth, may likely push the
USDINR spot higher, but a dismal data would weigh on spot, pushing it below 74 zone next week
higher to test its higher level in nine months
Short-term yields-1, 2, 3 and 5-year yields were seen trading at the highest level since the start of the pandemic
The market has started discounting for the four rate hike by the Fed and that could be a big positive thing for the DXY and hence USDINR
could also start moving higher in the near term.Till the time flow stories are hitting the table, we could see the USDINR pair hovering near
the bottom of the 74.10-74.30 zone
Once this recedes, a sharp jump towards 75-75.20 cannot be ruled out easily
Overall, the short term bias for the USDINR pair remains bullish.''Domestic Equity Markets Today: On the domestic equity market front, the
BSE Sensex ended 142.81 points or 0.24 per cent higher at 59,744.65, while the broader NSE Nifty advanced 66.80 points or 0.38 per cent to
finally won the battle thanks to selective buying in oil - gas and other key sectoral stocks.In addition, on intraday charts, the index has
maintained a higher bottom formation which supports a further uptrend
We are of the view that as long as the index is trading above 17700, the uptrend formation will continue up to 17920-18000 and any further
upside would lift the index up to 18100-18175 levels.''According to exchange data, the foreign institutional investors were net sellers in
the capital market on Thursday, as they offloaded shares worth Rs 1,926.77 crore
Brent crude futures, the global oil benchmark, rose 0.99 per cent to $ 82.80 per barrel.
