On Friday , USDINR likely to start with positive note, as we saw yesterday pair break important resistance levels on some substantial inflow of dollar.
On Thursday, USDINR Surprising move of +0.76% totally based on Dollar Inflow as well as stop loss triggered. Yesterday Domestic Currency opened at 75.49/ 75.50 levels , then on last hour of trade pair bounced up to 74.9650/9750 levels.
India's federal police have filed a criminal complaint against the chairman of conglomerate GVK Group and others for alleged fraud in the development of Mumbai's international airport that resulted in the government losing more than $92 million.
INTRADAY RANGE - 74.35 ( 74.62 - 75.19 ) 75.42
GLOBAL
China unveiled a national security law this week which Hong Kong pro-democracy protesters and the West say breaches the “one country, two systems” principle enshrined in the 1984 Sino-British treaty that guaranteed the autonomy of Hong Kong. “The protests in Hong Kong have been a window for the world to recognise that China is getting more and more authoritarian,” Law told Reuters via internet video. Law, 26, left Hong Kong this week. He declined to disclose his location.
Trading in currency markets on Friday may be subdued before the U.S. holiday, but analysts say sentiment favours more gains in the dollar as investors turn cautious.
The U.S. Senate unanimously approved legislation on Thursday to penalize banks doing business with Chinese officials who implement Beijing's new national security law for Hong Kong, raising the chances of further friction between the world's two- largest economies.
The dollar was hemmed into a narrow range on Friday, supported by safe-haven flows as a resurgence of the corona virus in the United States discouraged some investors from taking on excessive risk.
The yuan was stable in offshore trade before data on China's services sector, but investors may avoid taking big positions due to worries about diplomatic friction between Washington and Beijing over civil liberties in Hong Kong.
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