On Friday , Rupee likely to commence with range-bound despite Dollar index up on early morning in Asia, with investors turning to the safe-haven asset as the number of COVID-19 cases continue to be smash records. Yesterday , USDINR was in range between 75.3025 - 75.1525 levels.
The number of coronavirus cases in India neared one million on Thursday as infection numbers rose in the countryside, pushing authorities to reinstate lockdowns across several states.
China has avoided a recession, but debt problems are piling up. Output rose 3.2% year-on-year in the three months to June, following last quarter’s record contraction. Investment still looks tepid, employers are shedding jobs, and retail is anaemic. That means more bad loans. Unfortunately, the country is running low on distressed debt investors.
INTRADAY RANGE - 74.96 ( 75.11 - 75.26 ) 75.41
GLOBAL HIGHLIGHTS
Asian markets appear set to open with a firmer tone on Friday, shrugging off an overnight fall in U.S. stocks as the United States prepares to debate fresh economic stimulus to see the country through its coronavirus outbreak.
The U.S. recorded at least 75,000 cases over a 24-hour period on Thursday, and Brazil surpassed the 2 million mark the same day. The surging number of cases prompted investor fears over the global economic recovery, with more states re-implementing lock downs.
USDCNY pair was up 0.22% gain of 7.0032. The U.S. is considering banning all members of the Chinese Communist Party and their families from travelling to the U.S., reversing President Donald Trump’s move on Wednesday to halt further sanctions.
British Airways, the world's largest operator of Boeing 747, said late Thursday it would retire its entire jumbo jet fleet with immediate effect due to the downturn in travel industry caused by the corona virus pandemic.
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