On Friday , We expect Rupee will starts Friday session with positive note between 72.95 - 73.02 levels as greenback rebound from a nearly three-year low faltered after Federal Reserve Chair Jerome Powell said on Thursday that interest rates would not rise any time soon. On Last Trading session , At forex market, Rupee opened at 73.18/19 and hit an intra-day high of 72.9450/9550 and a low of 73.18/19. Finally finished at 73.03/4, higher by 12 pips over its last closed at 73.25/26.
India plans to achieve 20% ethanol-blending with gasoline by 2025, five years ahead of its previous target, to help reduce its dependence on costly oil imports, the government said on Thursday.
INTRADAY RANGE -72.62 (72.85 - 73.11) 73.36
Biden unveiled his “American Rescue Plan” on Thursday, which came with few surprises. The $1.9 trillion COVID-19 relief plan includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs.
The dollar has risen in four of the past five trading sessions as the prospect of more stimulus, largely financed by borrowing, has weighed on U.S. government bonds, sending the benchmark Treasury yield above 1% for the first time since March.
Chairman Jerome Powell is scheduled to speak around 12:30 PM ET , and this speech will be parsed for clues as to when its bond-buying program may be eased back.
Smartphone maker Xiaomi was one of nine firms added to the Defense Department’s list of Chinese companies with links to the military. Another firm on the list is state-owned plane maker Commercial Aircraft Corp. of China Ltd., or Comac. Meanwhile, the Commerce Department blacklisted CNOOC., the nation’s main deepwater explorer, over the Chinese company’s drilling in disputed South China Sea waters.
Oil prices were mixed on Friday as strong import data from China, the world's biggest crude importer, that boosted sentiment earlier ran into concerns about Chinese cities in lockdown due to coronavirus outbreaks.
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