MONDAY - USDINR & FEAR OF COVID19 SECOND WAVE !!

On Monday , USDINR expected to commence trading at weaker note as dollar edged higher in early Asian trade, with investors seeking this safe haven amid fears of a second wave of the Covid-19 outbreak.

• On Last trading session (Friday) , USDINR recovered 26 pips at 75.84/85 levels after weaker opening at 76.10/11 levels.

• India government said it will provide New Delhi's authorities with 500 railway coaches that will be equipped to care for corona virus patients, after a surge in the number of cases led to a shortage of hospital beds.

• Indian oil-to-telecoms conglomerate Reliance Industries raised a total of 64.4 billion Indian rupees ($847 million) from the sale of two stakes in its digital unit Jio Platforms.

INTRADAY RANGE - 75.55 ( 75.75 - 76.12 ) 76.33

GLOBAL HIGHLIGHTS

• Several U.S. states have also reported a record increase in new corona virus cases and hospitalizations.

• The British pound shed 0.24% to trade at $1.2510 against the greenback due to concerns trade negotiations between Britain and the European Union are not making enough progress.

  • The British officials told their EU counterparts they will not extend the deadline for trade talks beyond the end of this year.

• The dollar was little changed at 107.46 yen as investors avoided big moves before a Bank of Japan policy meeting ending Tuesday.

• The BOE is expected to increase its quantitative easing program by 100 billion pounds ($125 billion), with some analysts eyeing an even larger increase amid concerns about future growth.

• The Chinese yuan also dipped in offshore trade after Beijing recorded dozens of new cases of the novel corona virus in recent days, all linked to a major wholesale food market.

• Oil prices slipped with Brent down 2% at $37.95 a barrel while U.S. crude fell 2.7% at $35.26. Gold rose 0.2% to $1,732.2 an ounce on safe haven demand.

• U.S. central bankers have discussed the option of adopting yield curve control to cap bond yields.