On Monday , USDINR seems commences in range bound despite U.S. dollar touched a three-week high. We expect the FX markets to remain caught between recovering economic indicators and concerns about a second-wave of COVID-19 infections in the week ahead. World Health Organization reporting a record increase in global cases on Sunday, especially in the Americas.
Last trading session on Friday, USDINR again crawling in 15 pips range bound between 76.3075 - 76.1625 before finished at 76.19 levels.
India's drug regulator has given Hetero Labs and Cipla Ltd the green light to manufacture and market their generic version of Gilead Sciences Inc's experimental COVID-19 treatment remdesivir, the Indian pharmaceutical companies said on Sunday.
INTRADAY RANGE - 75.95 ( 76.13 - 76.32 ) 76.43
GLOBAL HIGHLIGHTS
The U.S. dollar touched a three-week high and commodity currencies were stalled , as renewed worries about a second wave of corona virus infections sent investors into safer assets.
The greenback was marginally lower against the Australian and New Zealand dollars, and steady on the yuan, euro and British pound.
The EURUSD last traded flat at $1.1176 after dipping to a three-week low of $1.1168 in early trade - squeezed as European Union leaders remain divided on how to structure a planned COVID-19 recovery fund.
The Reserve Bank of New Zealand announces its latest benchmark interest rate settings on Wednesday. It is all but certain to keep rates on hold at 0.25%, leaving markets to focus on its tone and on talk of negative rates in the future.
Oil was up on Monday morning in Asia, starting the week off strong after investor sentiment was boosted by signs of tighter supplies.
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