On Thursday , USDINR likely to start trading with weaker note as greenback billowed near its lowest level for the week as investors looked for hints from Federal Chairman Jerome Powell that the central bank might tweak its policy framework to help push up inflation. Yesterday , The pair was some resistance from day highs 74.4650 levels , Intraday range stuck between 74.4650 - 74.3000 levels.
Amid India’s worst economic slowdown in decades due to the novel coronavirus pandemic, millions of farmers are being shunned by banks as lenders turn cautious due to rising bad loans. That is forcing them to turn to illegal moneylenders who are charging increasingly exorbitant rates.
More than 2 million Indian students will sit for admission tests to medical and engineering schools next week, the government said on Wednesday, despite growing concern that the move could fuel a jump in coronavirus infections.
India's opposition-ruled states urged the government on Wednesday to clear delayed payments amounting to several billions of dollars, promised as part of the Goods and Services Tax to set off a fall in receipts.
INTRADAY RANGE - 73.96 (74.17 - 74.38 ) 74.59
GLOBAL HIGHLIGHTS
Powell is scheduled to address the Fed's annual central bankers' conference later in the day, usually held in Jackson Hole, Wyoming, but being conducted virtually this year because of the ongoing COVID-19 pandemic. Investors are betting the U.S. central bank will introduce a new policy framework to fight persistently low inflation as early as next month.
The euro changed hands at $1.1825, near its highest level so far this week, though few market players expect a clear break from its range so far this week ahead of Powell's speech.
A key focus for the yen is Prime Minister Shinzo Abe's news conference scheduled for Friday amid rising speculation over his health.The yen is likely to gain should Abe decide to resign, given perception that aggressive monetary easing with close co-operation between the government and the central bank, dubbed Abenomics, has been one of his trademark policies, traders said.
The British pound stood firm at $1.3200 , having gained 0.6% since the start of week, while the Australian dollar was changing hands at $0.7231 up 1.00% so far this week.
The Chinese yuan was at its strong levels since January after U.S. and Chinese officials reaffirmed their commitment to a Phase 1 trade deal earlier this week despite tense bilateral relations.
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