On Friday , We are expecting USDINR commence trading between 73.33 - 73.40 with positive note. For short term pair find strong support near 72.95 - 73.05 levels as importers showing interest for capitalizing position.
Yesterday , USDINR opened at 73.11/12 levels and given mild correction till 73.0850/73.0950 intraday lows, but after weekly expire (11.45AM - 12.30PM) pair rally one way till 73.3275/73.3375 intraday high before finished at 73.31/32 levels.
India's economy is expected to contract 7.7% in the current financial year ending in March, the worst performance in four decades, which is likely to prompt the finance minister to make a push for growth in the budget next month.
India's fiscal deficit for year ending in March is likely to be over 7% of gross domestic product, three sources told Reuters, as revenue collections suffered from a lockdown and restrictions to rein in the spread of COVID-19.
South Africa's health ministry said on Thursday that the country would get 1.5 million vaccines from the Serum Institute of India (SII), with a million coming in January and the remainder the following month.
INTRADAY RANGE - 73.01 ( 73.25 - 73.50 ) 73.74
GLOBAL OUTLOOKS
The dollar was up on Friday morning in Asia, holding onto the biggest gains in over two months as a rise in U.S. Treasury yields led to some unwinding of bearish bets on the U.S. currency. The market avoided big moves as investors finish the week.
GBP/USD Exchange Rate Falls as Democrats Secure US Senate The Pound to US Dollar (GBP/USD) exchange rate fell by -0.48%, with the pairing currently trading around $1.3561.
The rising yields and dollar prompted caution in some investors. The benchmark 10-year Treasury yield topped 1% on Wednesday for the first time since March 2020.
Japan’s greater Tokyo area entering a state of emergency on Thursday. Prime Minister Yoshihide Suga said earlier in the day that the government would liaise with other prefectures to see whether the state of emergency should be extended, with the Osaka and Aichi governors expected to request that the two areas be added to the emergency declaration.
Australia’s third-largest city of Brisbane entering a three-day lockdown from later in the day.
Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia's pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains.
Комментарии