Rupee likely to start fresh week with positive note as greenback subdued in Asian session, with optimism over a potential early rollout of COVID-19 vaccines offset by global economic restrictions to curb the spread of the virus.
On last trading session (Friday) USDINR traded between 74.2150 - 74.0850 levels. The Domestic Unit getting support from FII Inflows.
The forecast raised hopes for a rapid roll-out at a time when India has the world’s second-highest number of infections and does not expect early access to sufficient quantities of vaccines developed by Pfizer and Moderna.
The head of the Tibetan government in exile has visited the U.S. White House for the first time in six decades, a move that could further infuriate Beijing, which has accused the United States of trying to destabilize the region.
INTRADAY RANGE - 73.85 ( 74.03 - 74.18 ) 74.31
GLOBAL HIGHLIGHTS
The FDA is looking to grant approval in mid-December for distribution of BNT162b2, the vaccine candidate produced by Pfizer Inc and German partner BioNTech , chief scientific adviser for “Operation Warp Speed” Moncef Slaoui said. The first people in the U.S. could be inoculated a day after the approval.
Japanese markets are closed for a holiday, resulting in sparse liquidity and investor reluctance to test major chart barriers on several dollar pairs.
The euro edged up against the dollar, but continues a struggle to break above the $1.993 resistance level that it also failed to breach during the previous week.
The exchange rate will rise further over the next few years against a backdrop of lower euro-zone stability risks; an increased real yield gap between the euro-zone and the U.S.; and a continued recovery in the global economy.
The rash of coronavirus restrictions across the United States has stoked speculation the Federal Reserve might have to ease monetary policy further, particularly with no fiscal stimulus deal in sight.
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