Today we are expecting USDINR start at par. On Wednesday domestic pair slipped 0.4550 pips after start with firm note at 75.02 - 75.03 against greenback. USDINR getting nice support near 75.00 levels, last 7 weeks pair stuck between 75.00 - 76.00 levels.
India's enormous services industry endured another month of devastating contraction in May as the corona virus brought activity to a near halt, causing steep job losses and cementing fears of a deep recession, a survey showed on Wednesday.
India is to allow farmers to sell produce directly to bulk buyers such as trading companies, food processors and large retailers, the farm minister said on Wednesday.
India's government has approved Gilead Sciences Inc's antiviral drug remdesivir for emergency use for five doses in treating COVID-19 patients.
INTRADAY RANGE - 75.00 ( 75.21 - 75.63 ) 75.76
GLOBAL HIGHLIGHTS
The euro held near multi-month highs against rival majors Thursday on expectations the European Central Bank will expand its bond buying.
A fading of the U.S. dollar's allure will continue as global funding strains ease, but a majority of analysts polled by Reuters said there was a high risk that the USA - China trade standoff will renew safe-haven bets in the next six months.
International rates to borrow dollars on cross-currency basis swaps, which were extremely high in mid-March, have hit low levels, with the latest euro-dollar three-month swaps rate suggesting it has become more costly to borrow the euro instead.
Latin American currencies have staged a rebound since mid-May on fledgling signs of renewed global growth and as central banks pour liquidity into the system. Technical barriers to further gains are few and far between.
Brazil’s real has rallied almost 17% since May 15, while the Mexican peso is up more than 11% -- the biggest gains among 24 emerging-market currencies tracked by Bloomberg. Those two currencies had previously led losses, sinking 31% and 21% respectively this year through mid-May.
World shares hit three-month highs on Wednesday as monetary and fiscal stimulus have given traders confidence, despite expectations for a slow economic recovery, growing concerns over U.S.-China tensions, U.S. civil unrest and rising coronavirus infections.
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