The Rupee expected to start Friday trading with firm note between 74.00 - 74.10 levels as overnight greenback corrected 1.14% on hope of Biden victory of US presidential election 2020. Indonesian Rupiah again lead the winning momentum of Emerging market currencies as dollar fall overnight.
India raced ahead with work on its coronavirus vaccine while Britain's AstraZeneca said its deliveries were running "a little bit late" as countries around the world sought to conquer the pandemic and rescue their economies.
Indian Prime Minister Narendra Modi urged global investors on Thursday to invest in the country's infrastructure and manufacturing sector as his government aims to bolster the economy amid some signs of recovery.
IMPORTERS MUST ACTIVE WITH EVERY FALL BELOW 74.00 LEVELS FOR SHORT TERM IN TRANCHES .
EXPORTERS GO FOR OPTION STRATERGY.
INTRADAY RANGE - 73.74 ( 73.98 - 74.28 ) 74.45
GLOBAL HIGHLIGHTS
The dollar try to recover on early Asian session , reversing earlier losses even as a victor is yet to be declared in the U.S. presidential elections and expectations that large stimulus packages to support the COVID-19-hit economy will be rolled out soon diminish.
The USD/JPY pair edged up 0.05% to 103.52, hovering near an eight-month low.
The AUD/USD pair was down 0.31% to 0.7259, after the Reserve Bank of Australia said it is prepared to expand bond purchases if needed to support the economy. An ongoing trade dispute with China, with a deadline for Chinese traders to stop buying at least seven categories of Australian commodities arriving, also has Australian exporters on edge.
The USD/CNY pair gained 0.38% to 6.63.
The GBP/USD pair edged down 0.06% to 1.3133. The Bank of England also handed down its monetary policy on Thursday.
Democrat Joe Biden is close to declaring a victory, with 264 of the 270 electoral votes needed to win and Pennsylvania, Georgia, Nevada and North Carolina still counting votes. Incumbent President Donald Trump has 214 votes and has already mounted legal challenges to vote counts in Nevada, Pennsylvania, Georgia and Michigan as well as requesting a recount in Wisconsin, adding to the uncertainty.
An additional challenge to a Biden presidency is that Republicans retain control of the Senate, making it difficult to push through stimulus packages with large price tags.
Investors’ expectations of less fiscal spending have led to a large decline in long-term Treasury yields, which alongside a rally in shares and other risk assets, is expected to put the dollar under consistent selling in the long term, some investors warned.
Gold headed for the biggest weekly gain in more than three months as investors awaited the the final outcome of the U.S. election amid the prospect of further stimulus.
Asia Pacific stocks were mostly down on Friday, ending the week on a down note as the wait continues for a victor in the U.S. presidential election.
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