On Monday - USDINR start trading fresh week with subdued mode as dollar on back foot in early Asian session.
Forex traders said India-China border standoff dampened investor sentiment. Moreover, a roadblock in corona virus vaccine trials also weighed on the local unit.
India said it was considering granting an emergency authorization for a COVID-19 vaccine, particularly for the elderly and people in high-risk workplaces, as the country’s number of reported infections passed 4.75 million.
The World Health Organization reported a record one-day increase in global corona virus cases on Sunday, with the total rising by 307,930 in 24 hours.
INTRADAY RANGE - 73.19 ( 73.38 - 73.62 ) 73.85
On Last Trading (Friday) - The rupee depreciated 7 pips to 73.5350 against the US dollar in opening trade tracking muted domestic equities.The local unit opened at 73.48/49 at the interbank forex market, then lost ground and touched 73.62/63 against the US dollar, down 7 paise over its last close of 73.46.
GLOBAL OUTLOOKS
Asian stocks rose on early asian morning, boosted by renewed hopes of a COIVD-19 vaccine after AstraZeneca resumed phase 3 trials, but subdued ahead of central bank meetings in Japan, the U.K. and the U.S later in the week.
The British pound flirted with a 1-1/2-month low against the dollar on Monday on fears about no-deal Brexit while investors waited for Japan's ruling party to choose a successor to Prime Minister Shinzo Abe.
The pound was under pressure from fears that Britain will end its post-Brexit transition period without agreeing any trading arrangements.
Japanese Chief Cabinet Secretary Yoshihide Suga is poised to become head of Japan's ruling party on Monday and prime minister on Wednesday, succeeding Shinzo Abe, the nation's longest-serving leader.
The common currency was supported after the European Central Bank showed no apparent sign of stemming the single currency's appreciation.
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