On Friday , USDINR likely to start with mild negative note as dollar index fall below to 2-year lows on early morning in asia and is on track to post its biggest monthly decline in 10 years, as investors worried that a recovery in the U.S. economy could be stymied by a second wave of coronavirus.
China warned on Thursday that a “forced decoupling” of its economy with India, following a Himalayan border clash last month that killed 20 Indian soldiers, would hurt both countries.The Chinese ambassador said China was not a strategic threat to India and that the “general structure that we can’t live without each other remains unchanged”.
INTRADAY RANGE - 74.61 ( 74.74 - 74.92 ) 75.07
GLOBAL HIGHLIGHTS
The U.S. economy contracted by 32.9% in the second quarter and that 1.434 million unemployment claims were submitted in the week ending July 25. On the political front, Republicans and Democrats are also no closer to reaching consensus on the latest stimulus measures, with only one more day left before some earlier measures expire on Friday.
U.S. President Donald Trump added to the dollar’s woes on Thursday after he floated the idea of delaying the U.S. presidential elections, currently scheduled for November 3. But the proposal was immediately rejected by Congress, the sole governmental authority that could make such a change.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.28% to 92.645.
INTRADAY RANGE - (93.26 - 92.52 ) 91.76
The EURUSD hit a two-year high of $1.1903 and last traded at $1.1888, having gained 5.7% so far in July, also the biggest gain in a decade.
INTRADAY RANGE - 1.2037 ( 1.1919 - 1.1801)
The GBPUSD is bullish. British pound stood at $1.3131 after hitting a 4 1/2-month high of $1.3143. There is a steady uptrend movement of the price after the breakout.
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