Market HIGHLIGHTS: Sensex tumbles 746 pts, ends below 49k, Nifty gives up 14,400; RIL falls ahead of Q3 results

By StockHastix On Jan 22, 2021

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The recent pullback in US dollar helped riskier currencies to gain and hence yesterday USDINR pair was seen making lows below 73.00 mark. Further, stall in domestic and Asian equity rally could support the pair the pair at lower levels. Overall, the pair is likely to track its Asian peers, check foreign investors flow and RBI activity. Recently released figure suggests, RBI continued to remain a net buyer of the US currency in November after it bought USD 10.261 billion from the spot market. They are likely to remain active on both the side and increase their forex kitty and hence, we may not see strong appreciation in Rupee. Overall, the broader range for the USDINR pair remain 72.80-74.00.: Amit Pabari, managing director, CR Forex Advisors

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