We are expecting that , Domestic unit likely to start fresh week with negative note against greenback but some resistance near 73.85-73.95 levels. As per our finding Importers must cover partial short term position near 73.50-60 levels.
On Last trading session (Friday ) At the interbank forex market, the domestic unit opened at 73.75/76 against the greenback, then gained further ground and touched 73.6150/73.6250, registering a rise of 22 pips over its previous close.
Indian President Ram Nath Kovind approved three controversial agricultural bills amid nationwide protests by farmers who say the new laws will stunt their bargaining power and instead allow large retailers to have control over pricing.
India is investigating imports of copper tubes and pipes from Malaysia, Vietnam and Thailand, to determine whether producers in these countries were receiving unfair subsidies, the government said.
INTRADAY - 73.34 ( 73.55 - 73.76 ) 73.97
Greenback hovered near a two-month peak against at a basket of currencies as investors look to a barrage of upcoming economic data and political developments in the United States before making any fresh bets on the U.S. currency.
While a rebound in U.S. stocks on Friday has helped to curb the ascent of the dollar, deemed as a safe-haven, signs of slowdown in the nascent economic recovery and political uncertainties have kept investors on guard.
Few investors now expect the U.S. Congress to pass any stimulus package, seen as vital to support the pandemic-stricken economy, before the election.
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