USDINR likely to start Friday session within range due to Diwali festive mood despite dollar up on Friday morning in Asia, headed towards its best week against the yen since March.
Note :- Exporters can cover their short to mid term position in tranches.
On last session , The local unit ( Rupee) opened at 74.4450/4550 against the greenback at the interbank market and finally settled at 74.63/64 against the greenback, down 26 pips over its last close. During the session, the domestic unit witnessed an intra-day high of 74.3850 and a low of 74.7575 against the dollar.
Although hopes of a COVID-19 vaccine continued to whet investors’ risk appetite, a worsening of the second wave of COVID-19 cases in Europe and the U.S. meant that riskier currencies made little headway.
INTRADAY RANGE - 74.10 ( 74.47 - 74.84 ) 75.21
GLOBAL HIGHLIGHTS
Mostly Asian indices were subdued on Friday morning in Asia, following the lead set by European and U.S. shares overnight, as the COVID-19 pandemic rages on and hopes dim for a quick ending.
The yen remained around 1.7% lower for the week, its sharpest weekly drop since a 2.4% drop in March.
The pound was sitting near a one-week low after a slew of data, including GDP data, released on Thursday missed forecasts.
The U.K.’s third quarter GDP contracted 9.6% year-on-year against the forecast 9.4% contraction in forecasts prepared by Investing.com. It grew 15.5% quarter-on-quarter and 1.1% month-on-month, against the forecast 15.8% and 1.5% respectively.
Crude prices snapped a three-day run-up after mixed inventory numbers and a new explosion of coronavirus cases in the United States muddied the outlook for oil.
A record of nearly 30 hurricanes have occurred in the U.S. Atlantic region this year, affecting crude production in states like Louisiana and the broader Gulf Coast of Mexico.
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