On Friday , Rupee seems start with negative note against dollar were well bid after a surge in new corona virus cases in the United States further undermined the case for a quick economic recovery. Yesterday USDINR was in well defined range bound between 75.08 - 74.9075 levels.
Punjab National Bank (PNB) said on Thursday it had reported loans made to Dewan Housing Finance Corporation Ltd worth 36.89 billion rupees ($491 million) to India’s central bank as “fraud.” Indian state-owned lender PNB, which was hit by a $2 billion fraud involving billionaire Nirav Modi in 2018, had already set aside 12.5 billion rupees in provisions for the loans to #DHFL, which is in bankruptcy proceedings.
BP has paid Reliance Industries $1 billion to set up a joint network of thousands of petrol stations across India to tap the country's rapidly growing energy demand.
The World Health Organization (WHO) on Thursday released new guidelines on the transmission of the novel corona virus that acknowledge some reports of airborne transmission of the virus that causes COVID-19, but stopped short of confirming that the virus spreads through the air.
INTRADAY RANGE - 74.81 ( 74.98 - 75.16 ) 75.33
(USDINR FUTURE WEEKLY EXPIRY)
GLOBAL HIGHLIGHTS
The dollar index to 96.798 from near one-month low of 96.233 touched on Thursday.
The EUR fell to $1.1272, slipping back after having scaled a one-month high of $1.1371 on Thursday.
Against the safe-haven yen, the dollar traded at 107.03 yen , having touched its lowest level in 10 days in the previous trade.
The Swiss franc also strengthened to its highest level in six weeks against the euro, to 1.0609 franc per euro (EURCHF). Against the dollar, the franc changed hands at 0.9407 per dollar after having touched a four-month high of 0.93625 to the dollar.
Commodity currencies lost traction also as oil prices dipped on worries about the renewed lock downs in some parts of the United States.
The yuan, which often tends to align with risk-sensitive currency groups, bucked the trend, supported by hopes of capital inflows as Chinese shares prices have surges after Beijing indicates it wants a healthy bull market.
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