The Rupee closed unchanged compared to its opening levels even as analysts are optimistic about the US Federal Reserve retaining its ultra-accommodative monetary policy to support recovery.Rise in domestic equities is also likely to support the Indian Rupee. Traders are expected to refrain from placing large bets on the rupee, in either direction, given contradictory cues both globally and domestically. The dollar gained against major currencies as Fed officials' debate over inflation continues. Shares indices were mixed globally as investors struggled to determine the path forward for US Federal Reserve rates after two Fed officials said high inflation in the US could last longer than expected.......
The dollar gained against major currencies as Fed officials' debate over inflation continues. Yield on the benchmark 10-year US Treasury note rose on Wednesday after another Fed official on Wednesday signalled willingness to hike rates as soon as late 2022. In Europe, Major share indices ended lower on Wednesday due to a fall in shares of utility companies. Energy stocks posted gains Wednesday as Brent crude, the global oil benchmark, rose 0.5% to $75.19 a barrel.Gold ended higher on Wednesday as Powell said that inflation would not be the only determinant of interest rate decisions and the central bank would not rush into hiking interest rates.......