The USDINR pair made a gap-up opening at 74.53 levels and traded in the range of 74.31-74.54 with a downside bias. The pair finally closed at 74.40 levels. The RBI set the reference rate at 74.4063 levels. The USDINR pair initially rose today because a rise in Brent crude oil prices dampened sentiment for the rupee thus extending support to the pair. A rise in crude oil prices raises the country's import bill, which subsequently weighs on the rupee. Brent crude oil rose despite the efforts of the US and other nations to release oil from their strategic reserves to cool off elevated prices, as the efforts fell short of some expectations. 

The sentiment for the dollar also improved because the dollar index and the US treasury yields continued to rise, amid concerns over faster-than-expected rate hikes and tightening of monetary policy in the US following the nomination of Powell as chair of the Fed for a second term. However, later in the day, the USDINR pair erased the initial gain to touch the day's low of 74.31 and settled at 74.40 levels. Investors worldwide now await the minutes of the Fed meeting held on Nov 2-3, due later today, which may indicate the US central bank's stance on the pace of tapering of its bond purchases and hiking rates sooner than expected. 

Japan's factory activity grew at the fastest pace in nearly four years in November, as output accelerated on loosening COVID-19 restrictions. The headline German IFO Business Climate Index worsened to 96.5 in November versus last month's 97.7 and the consensus estimates of 96.6.

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