We expecting that , Rupee commenced trading in range bound with positive note as greenback was down on early morning in Asia, despite the ever-rising number of COVID-19 cases and the U.S. Congress’ lack of progress towards passing the latest stimulus measures ahead of the Nov. 3 presidential election continuing to dampen investor sentiment.
Rupee opened at 73.3850/3950 per dollar on Wednesday, against previous close of 73.34/35 and traded in the range of 73.2575-73.4750.
Indian software services firm Infosys Ltd raised its annual revenue growth forecast on Wednesday as it posted a better-than-expected quarterly profit, buoyed by growth in demand for its digital services during the pandemic.
Nearly three-quarters of Indian Americans plan to vote for Democratic presidential candidate Joe Biden in the U.S. election next month, believing the country is headed in the wrong direction under President Donald Trump, according to a survey on Wednesday.
INTRADAY RANGE - 72.98 ( 73.20 - 73.45 ) 73.64
IMPORTERS :- Must cover short term labilities thru forwards instruments.
GLOBAL OUTLOOK
The impasse over the measures continues, with Treasury Secretary Steve Mnuchin warning on Wednesday that “Getting something done before the election and executing on that would be difficult.” Mnuchin added that he and House of Representative Speaker Nancy Pelosi remain “far apart” on their spending priorities. With the election only weeks away, investors’ risk aversion gave the greenback a short-term boost.
Reserve Bank of Australia (RBA) Governor Philip Lowe teased bond buying and a small rate cut among RBA’s options for policy support on the road to recovery.
Australia’s ten-year yield among the highest in the developed world, Lowe said that RBA was looking at the benefits from buying longer-dated debt, adding that a rate cut to 0.10% from the current, record low 0.25% was also possible.
China released data earlier in the day showing that the consumer price index rose 1.7% year-on-year in September, down from the predicted 1.8% rise and August’s 2.4% growth. The producer price index also fell 2.1% year-on-year, more than the forecast 1.8% fall and the 2% fall reported in August.
The pound helped onto its gains from the previous session over signs of progress in the U.K.’s Brexit talks with the European Union (EU). The two parties are also likely to extend the talks past Prime Minister Boris Johnson’s self-imposed Oct.15 deadline to reach a deal, in order to work through their remaining differences.
Financial leaders from the Group of 20 major economies on Wednesday underscored the urgent need to bring the spread of the coronavirus pandemic under control, and vowed to "do whatever it takes" to support the global economy and financial stability.
Gold prices lingered below the key $1,900/ounce psychological level on Wednesday as lack of an agreement on additional U.S. fiscal stimulus helped the dollar stay firm.
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