The Domestic unit (Rupee) likely to commence Friday session with firm note as greenback losing momentum on early Asia session, with investors digesting U.S. Treasury Secretary Steven Mnuchin request on Thursday for the Federal Reserve to return funds earmarked for COVID-19 lending to businesses, nonprofits and local governments. Markets continued to avoid big moves overall, however.
On Last session ( Thursday ) At the interbank foreign exchange market, Rupee opened at 74.29/30 against greenback and touched an intra-day high of 74.2125/2225. It registered a low of 74.3450/3550.
India's Reliance Industries Ltd on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured 472.65 billion rupees ($6.37 billion) into a 10.09% stake in the company in two months.
INTRADAY RANGE - 73.95 ( 74.12 - 74.28 ) 74.41
GLOBAL HIGHLIGHTS
The dollar/yen appears to have recovered strong correlation with U.S. bond yields over the past two weeks. This points to risk of further downside in the currency pair, should U.S. bond yields fall further,” J.P. Morgan head of Japan market research Tohru Sasaki told Reuters.
Australia-China tensions continue a day after China presented Australia with a dossier of 14 disputes issued by the Chinese embassy in Australia, which Prime Minister Scott Morrison has read.
The yuan eased after hitting a two and half year high against the dollar on Wednesday.
The pound was down after reports that European leaders will urge the European Commission to publish no-deal Brexit plans as the deadline to reach a deal, set for the end of the year, rapidly approaches.
The lira surged against the dollar Thursday after the central bank of Turkey hiked rates and ended its controversial rate corridor operations, prompting analysts to cut their bearish bets on the Turkish currency following months of weakness.
Oil edged lower with growing virus restrictions and signs the labor-market recovery may be slowing in the U.S. dampens the near-term demand outlook.
The International Monetary Fund and Group of 20 nations also issued a warning that the fresh restrictions on households and companies due to the resurgence of COVID-19 globally is a risk to the economic recovery.
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