We are expecting that , Domestic Unit will commence trading on Thursday in range bound with positive momentum despite greenback crept up early morning in Asia, with revived hopes for some U.S. spending improving sentiment and whetting investor appetite for riskier currencies.
Importers can find area of value near 73.00 - 73.10 for short terms , Exporters start hedging near 73.50 - 73.60.
On Wednesday, Intraday rupee moved within a range of 31 pips, between 73.26 and 73.57, against the greenback during the four-hour session.
India's drug regulator has knocked back a proposal from Dr Reddy's Laboratories Ltd REDY.NS to conduct a large study in the country to evaluate Russia's Sputnik-V COVID-19 vaccine and has asked it to first test the vaccine in a smaller trial.
INTRADAY RANGE - 72.86 ( 73.17 - 73.48 ) 73.79
GLOBAL HIGHLIGHTS
After the European close on Tuesday, Trump had called off negotiations until after the Presidential Election. There mixed signals on Wednesday, however, when Trump tweeted that there would be support for airlines and other stimulus measures. The 2nd tweet led to a rebound in the U.S equity markets on Wednesday.
The VIX index run of 6 consecutive days in the green came to an end on Wednesday. Following a 5.44% rise on Tuesday, the VIX fell by 4.82% to end the day at 28.06.
The Vice Presidential Debate was in focus this morning. For the race to the Oval Office, how Harris performs, in particular, could have a material impact on the Presidential Election. Expect a Harris debate victory to weigh on market risk sentiment and drive demand for the Dollar and the Japanese Yen.
Oil prices rose on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for an economic stimulus deal in the United States, the world's biggest oil consumer.
Gold prices were mixed on Wednesday, with futures down and spot metal up, after the Federal Reserve’s strong support for a new Covid-19 stimulus failed to excite haven buyers.
Major Economic data ahead
The markets will be looking for some upbeat stats following Germany’s pickup in private sector activity.
On the monetary policy front, the ECB monetary policy meeting minutes will also draw attention later in the day.
From the U.S, the weekly jobless claims figures will provide direction later in the day.
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