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  • The Indian rupee is expected to pare some of its sharp losses incurred in the past three sessions in opening trades on Wednesday amid improved macro data and as dollar is seen off its recent peaks in early Asian trades. Besides, oil easing from its highs could also give rupee the much-needed respite. Nevertheless, pessimistic global cues and sustained foreign fund outflows from domestic markets could weigh on the Indian unit.

    On Tuesday, the local currency opened at 75.41 and witnessed an intra-day high of 75.16 and a low of 75.66 against the US dollar. The local unit finally settled at 75.52 a dollar, down 16 paise over its previous close. On Monday, the rupee slid by 37 paise to close at a 15-month low of 75.36 against the US dollar. The 10-year benchmark 6.10%-2031 bond yield closed at 6.33% as compared to previous close at 6.34%.

    On the macro front, Indias retail inflation eased again in September, government data showed on Tuesday. Consumer price inflation fell sharply to 4.35% in September from 5.3% in August. The Consumer Price Index-based (CPI) inflation was at 7.27% in September 2020. The Index of Industrial Production has risen 11.9% year-on-year for the month of August as against 11.5% in July, fresh data showed. Last year in August, the IIP had contracted 7.1%.

    Domestic equity indices settled higher after a volatile session on Tuesday. The S&P BSE Sensex rose 148.53 points or 0.25% at 60,284.22. The Nifty 50 index rose 46 points or 0.26% to 17,991.95. Foreign portfolio investors (FPIs) sold shares worth Rs 278.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 741.22 crore in the Indian equity market on 12 October, provisional data showed.

    Overseas, Asian stocks are trading mixed on Wednesday as investors in Asia-Pacific looked ahead to the release of Chinese trade data for September. The three major U.S. stock indexes closed lower for a third consecutive session Tuesday ahead of a key inflation reading and a kick-off to third-quarter earnings season. The Federal Open Market Committee on Wednesday is also set to release its minutes from the September meeting. Investors will be digesting the minutes for any potential clues regarding the central banks plans to pull back easy monetary policy.

    The International Monetary Fund on Tuesday cut its global growth forecast, citing supply chain challenges and persistent Covid spread. The IMF said central banks like the Federal Reserve should be prepared to tighten monetary policy if inflation runs too hot. Indias economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund.

    Meanwhile, dollar held near a one-year high versus major peers on Wednesday, amid rising expectations the Federal Reserve will announce a tapering of stimulus next month, potentially following with interest rate hikes by mid-2022. The dollar index, which measures the greenback against six rivals, eased slightly to 94.460 from Tuesday, when it touched 94.563 for the first time since late September 2020.

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