The USDINR pair made a gap up opening at 74.50 levels and traded in the range of 74.25-74.50 with a downside bias. The pair finally closed at 74.27 levels. The RBI set the reference rate at 74.3753 levels. The pair erased its earlier gains because foreign banks and a large state-owned bank stepped in to sell dollars on behalf of overseas investments into Indian companies.
The pair had opened higher after the US dollar surged globally after data showed sales at US retail stores in October rose higher than expected. US retail sales rose 1.7% in October, exceeding the consensus estimate of a 1.4% rise. The upbeat economic data fuelled investor expectations that the US Fed may raise interest rates sooner than expected. Eurozone inflation surged to more than twice the ECB's target in October, with more than half of the jump due to a spike in energy prices. Eurostat said inflation in the 19 countries sharing the euro rose 0.8% m-o-m in October, for a 4.1% y-o-y surge, in line with an earlier Eurostat estimate.
British inflation surged to a 10-year high last month as household energy bills rocketed, according to data that will bolster expectations that the BoE will raise interest rates next month. Consumer prices rose by 4.2% in annual terms in October, leaping from a 3.1% increase in September. Oil prices fell after the International Energy Agency and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses.
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