Indian rupee in narrow range amid volatility ahead of RBI MPC

MARKET UPDATES: The Indian rupee rose 0.03% from the previous day's closing of 82.73/$ to close at 82.70 against the US dollar on Tuesday, February 7. The dollar index, which compares the value of the dollar to other currencies like the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, and Swiss Franc, was down 0.01% at 103.62 after opening the day at 103.54. The Indian rupee varied within a narrow range on Tuesday before the Reserve Bank of India's policy announcement and the speech by Federal Reserve Chair Jerome Powell. The local currency was seen trading in an intraday range of 82.64 to 82.79.

Traders anticipate a 25 basis point hike in the repo rate, thus market volatility is possible tomorrow. Technically, the USDINR 24th February contract is showing some signs of profit taking, with key resistance at 82.90 and 83.20 and key support at 82.40 and 82.00 for the USD vs INR.

Benchmark indices, meanwhile, conclude the day with losses. The Sensex dropped 220.86 points, or 0.37%, and ended the day at 60,286.04, while the Nifty lost 43.10 points, or 0.24%, and ended the day at 17,721.50. 
Adani stock recovers as auto and FMCG stocks decline. Now, amid the many perplexing events that occurred over the past few weeks, the RBI's monetary policy decision, which is anticipated to result in another rate increase of 25 basis points on February 8, will be the main topic of discussion.

The intraday range for Brent crude futures was seen at 81.19 - 82.89 and the intraday range for WTI crude futures was seen at 74.38 - 75.98 on Tuesday, with Brent crude futures trading 2.14 percent higher at USD 82.81 per barrel and WTI crude futures remaining firm at USD 75/80 per barrel up by 2.28%.

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