Rupee likely to commence Thursday session with weaker note as dollar up on early Asia, as the U.S. and the U.K. both scramble to meet deadlines for the latest stimulus measures and Brexit trade talks with the European Union (EU) respectively.
On Wednesday , At the forex market, Rupee opened at 73.59/60 against the greenback and witnessed an intra-day high of 73.51/52 and a low of 73.63/64 before finished at 73.56/57.
India's farmers on Wednesday rejected the government's proposal to amend three controversial laws and said they would step up protests seeking withdrawal of these laws which they said would harm their economic interests while helping big food retailers.
INTRADAY RANGE - 73.46 ( 73.55 - 73.78) 73.89
GLOBAL HIGHLIGHTS
U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed to delay a “firm decision” about the future of Brexit talks during their meeting.
Bank of England Governor Andrew Bailey issued a warning of his own, saying that a no-deal Brexit would cause longer-term damage to the U.K.’s economy than even the COVID-19 pandemic, with the impact of the change potentially felt for decades.
The European Central Bank (ECB) is also convening for its last policy meeting of 2020 later in the day, where it is widely expected to expand stimulus measures to support the COVID-19-stricken EU economy.
ECB President Christine Lagarde has already made it clear in recent weeks that an expanded Pandemic Emergency Purchase Program and more subsidized long-term loans for banks will form the basis of the ECB’s policy measures.
Oil prices rose in early trade , buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States, which could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week.
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