Rupee will start Thursday session with positive note between 72.90 - 72.98 levels against greenback. Despite dollar index maintain north side momentum domestic unit (Rupee) showing commendable strength as Foreign Investor pouring money to Indian equity market at same time central bank trying to intervene on some important levels.
INTRADAY RANGE - 72.74 ( 72.85 - 73.04 ) 73.12
On Thursday , Dollar Index was slightly up on early Asian morning but trading close to a 2mth high against both the euro and yen. Pessimism over the U.S economic recovery from COVID-19 receded ahead of the release of the U.S. payrolls report.
The U.S. payrolls report for January, including non-farm payrolls, will be released on Friday. The release will be a test for the dollar’s recent rise, as the data will indicate how the U.S. economy reacted to the dip in growth seen near the end of 2020.
INTRADAY RANGE - 91.62 ( 91.29 - 90.97 ) 90.64
The AUDUSD pair was up 0.26% to 0.7637, with the riskier AUD boosted by hopes for continued U.S. stimulus. The Reserve Bank of Australia will release updated economic forecasts on Friday, which could determine the AUD’s direction.
The Cable (GBPUSD) down 0.11% to 1.3628, trading near an 8mth high against the euro with the BoE(Bank of England) handing down its policy decision later in the day. Although the central bank is widely expected to keep both interest rates and quantitative easing steady, investors will look for clues on the likelihood of negative interest rates.
INTRADAY RANGE - 1.3746 ( 1.3680 - 1.3614 ) 1.3548
Oil prices edged higher on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy at a meeting on Wednesday, and as crude stockpiles in the United States fell to their lowest levels since March last year.
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