We are expecting that USDINR will start in range bound with negative note, Every downfall is opportunity for risk covering by Importers , Exporters can tap market thru option (Derivatives).
On Last trading session , the domestic unit witnessed an intra-day high of 73.49 and a low of 73.63 against greenback.
India's coronavirus infections surged again on Wednesday, a day after falling to their lowest figure in almost a month.
Asian shares fell on Thursday following a slump on Wall Street overnight, as a series of warnings from U.S. Federal Reserve officials underscored investor worries over the resilience of the economic recovery.
INTRADAY RANGE - 73.25 ( 73.43 - 73.65 ) 73.82
GLOBAL OUTLOOKS
The dollar extended gains as signs of economic slowdown in Europe and the United States renewed concern about a second wave of coronavirus infections.
The dollar is likely to continue to rise as another spike in coronavirus cases and the Federal Reserve's warnings that the U.S. economy needs more fiscal stimulus cause investors to repatriate funds from riskier assets.
Global events have also bolstered the dollar, with renewed U.S.-Sino tensions adding to the strength of the greenback, which has positioned itself as the default trade to the Trump administration’s war of words over China.
The euro, which has already taken a hit due to worries about a return to severe lockdown restrictions, faces an additional hurdle later on Thursday with the release of data on German business sentiment.
The Ifo survey due later on Thursday is forecast to show an improvement in business morale in Germany, Europe's largest economy.
The mood for riskier assets has also soured after data on Wednesday showed U.S. business activity slowed in September and several Fed policymakers warned that further government aid is needed to bolster the economy.
Gold dived anew, pulling silver down with it after a one-day breather, as the dollar continued its trailblazing rally.
Spot gold, which reflects real-time trades in bullion, was down 39.64, or 2.1%, at $1,861.62. Its low for the day — $1,855.75 — set a new two-month trough for the yellow metal.
Silver took an even worse pounding. The spot price was down $1.688, or 6.9%, at $22.691, after a two-month low at $22.745. The next lows it risks are $22.40, $21.90 and $19.90, charts show.
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