On Friday , Rupee maintain winning momentum , As we are expecting The domestic unit likely to commence session between 72.92 - 73.00 levels as greenback headed for its worst week of the year , as investors buying riskier currencies and refreshed bets that a pandemic recovery could push the greenback lower still.
Last Session , USDINR opened at 72.95/96 levels, the show some decline intraday lows at 72.92/93 levels but try to recover till 73.0175/73.0275 intraday high before finished at 72.9850/72.9950 levels.
USDINR INTRADAY RANGE - 72.78 ( 72.91 - 73.04 ) 73.14
The sentiment-driven moves have eroded gains made by the U.S dollar since the Democrats won control of the U.S. Congress earlier this month. The dollar had risen along with U.S. Treasury yields on expectations of more fiscal stimulus and government borrowing under a Biden administration.
Later on Friday, preliminary purchasing managers' index figures are due across Europe and the United States, and weakness is expected as fresh waves of coronavirus infection have driven new lockdowns and curtailed growth.
DOLLAR INDEX INTRADAY RANGE - 90.66 ( 90.29 - 89.92 ) 89.55
Scandinavian currencies have led the charge higher, with the Norwegian crown up 1.79% for the week, helped by Norges Bank's decision to hold its policy rate steady, albeit at zero. The Swedish crown is up 1.38% for the week.
The risk-sensitive Antipodean currencies have also been gainers, with the Australian dollar up 0.78% and the kiwi climbing more than 0.95% over the week so far.
Across the Atlantic, the European Central Bank (ECB) handed down its policy decision on Thursday that kept interest rates steady. The central bank also pledged to provide more support for the economy if required.
EURUSD INTRADAY RANGE - 1.2261 ( 1.2198 - 1.2135 ) 1.2072
ECB President Christine Lagarde also warned that ever-increasing COVID-19 numbers and restrictive measures, such as lockdowns, to curb the spread of the virus could challenge the region’s economic outlook.
Asia Pacific stocks were mostly down on Friday morning, retreating from Thursday’s rally. Investors digested earnings expectations and expectations that the increased U.S. fiscal spending promised by U.S. President Joe Biden could spur economic recovery.
U.S. shares saw another record high during the previous session, with the S&P 500 boosted by advancing tech shares.
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