USDINR seems start trading on Friday session with in range bound with negative note as dollar is headed for its best week of the month, as surging coronavirus cases and stalled progress toward U.S. stimulus had nervous investors seeking safe assets.
USDINR edged lower by 8 pips to close at 73.3750 on Thursday, tracking losses across most Asian currencies amid a selloff across equities. It moved in a range of 20 pips , between 73.20 and 73.40.
India's federal government said it plans to borrow 1.1 trillion rupees in tranches to compensate states for tax losses due to the spread of coronavirus, breaking an impasse between New Delhi and some of the states.
Kashmir’s main political parties announced a grand alliance on Thursday to seek a peaceful restoration of its autonomy after India's release of the last major Kashmiri political leader from lengthy detention.
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INTRADAY RANGE - 73.12 ( 73.31 - 73.51 ) 73.71
GLOBAL HIGHLIGHTS
Asian stocks edged higher on Friday, buoyed by gains in China, but the mood was cautious due to a resurgence of coronavirus infections in Europe and the United States.
The European Union put the onus on Britain to compromise on their new economic partnership or stand ready for trade disruptions in less than 80 days, another negative for sterling.
U.S. President Donald Trump’s offer on Thursday to raise the size of a fiscal stimulus package to win the support of Republicans and Democrats helped narrow Wall Street losses, though many investors still believe a deal is unlikely before the Nov. 3 election.
Oil futures extended declines in Asian trade as another round of lockdowns to contain the spread of the coronavirus threatens to further weaken global energy demand.
European countries have resumed lockdowns, and London will enter a tighter COVID-19 lockdown from midnight on Friday as Prime Minister Boris Johnson seeks to tackle a swiftly accelerating second coronavirus wave.
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