Nifty: “The daily price action formed a bear candle with a lower high -low signaling continuation of the corrective consolidation. Buy only once 17600 level crossed,”
Rupee likely to depreciate amid uptick in dollar index; USDINR pair to trade with positive bias
The Indian rupee on Monday fell 17 paise to close at an over three-week low of 74.60 against the US dollar on account of elevated crude oil prices, forex outflows and heavy losses in domestic equity markets amid growing geopolitical worries, omicron spread concerns.
The American currency in the overseas market and weak risk appetite for other assets also dragged the local unit down as market participants are now wait for the US Fed’s January 25-26 meeting for further cues. At the interbank foreign exchange market, the rupee opened at 74.43 against the greenback and witnessed an intra-day high of 74.42 and a low of 74.69 before settling 0.23% down at 74.60, the lowest closing level since December 27.
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