On Monday , Rupee most likely to maintain winning momentum on commencing trade as dollar is broadly weak as investors maintained strong risk appetite, betting on more stimulus not just from Europe but also the United States.
On Last trading session (Friday), USDINR was completely hold by seller. Day range was between 75.2550 - 74.9550 levels before finished at 75.02/03 levels.
Nearly four million people in India's northeastern state of Assam and neighbouring Nepal have been displaced by heavy flooding from monsoon rains, with dozens missing as deaths rose to at least 189, government officials said on Sunday.
INTRADAY RANGE - 74.54 ( 74.78 - 75.14 ) 75.38
GLOBAL HIGHLIGHTS
EU leaders stood at an impasse on Monday after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic, but the chairman of their near-record-length summit urged them to make one last push. On the table is a 1.8-trillion-euro ($2.06-trillion) package for the EU’s next long-term budget and recovery fund.
A battle in the U.S. Congress over a new coronavirus-aid bill began late last week as Republicans and Democrats pushed for their own agenda. The Republicans want the upcoming coronavirus aid bill to cost no more than $1 trillion while leading Democrats have pledged to fight for much more - in the range of the $3 trillion bill.
Fiscal support is also a focus in Australia where the government will release a 'mini budget' later this week.
While oil demand has recovered from a 30% drop in April after countries around the world imposed strict lock downs, usage is still below pre-pandemic levels. U.S. retail gasoline demand is falling again as infections rise.
The Iranian rial fell to a new low against the U.S. dollar on the unofficial market on Saturday and has now seen its value fall by almost half in 2020 as the economy comes under pressure from the coronavirus pandemic and U.S. sanctions.
China will respond resolutely to any attempt by Britain to sanction Chinese officials following the imposition of a security law in Hong Kong, its ambassador in London said on Sunday.
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