USDINR seems start Thursday session with firm note as greenback getting fresh buying momentum in early Asia session , with investors adjusting earlier bullish expectations for a COVID-19 vaccine.
This adjustment tempered the risk assets rally triggered by the vaccine expectations while maintaining enough confidence to support the greenback against other safe-haven assets.
On Last session(Wednesday) Rupee sentiment hurt on comprehensive demand of greenback despite domestic equity market hit all time highest level. Intraday USDINR opened at 74.23/24 levels then hit lows at 74.18/19 before reached day high at 74.40/41. Pair finished Wednesday session at 74.37/38 levels.
INTRADAY RANGE - 74.08 ( 74.30 - 74.52 ) 74.75
GLOBAL HIGHLIGHTS
Stocks in Asia were set to continue their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine.
The yen was around 2% below the eight-month high it saw against the dollar during the previous week, after U.S. president-elect Joe Biden took the lead in the presidential election, spurring a dollar sell-off.
The NZD saw gains as the Reserve Bank of New Zealand (RBNZ) adjusted its “unconstrained” cash rate projection upwards due to a better-than-expected economic performance and tempering expectations of negative rates.
The AUD also saw a six-month low against the NZD after the RBNZ adjustment.
The euro slipped against the dollar on Wednesday as European Central Bank policymakers continued to tout further easing on the horizon, though downplayed the prospect of further interest rate cuts.
Global oil benchmark Brent rose on Wednesday, briefly touching a more than two-month high above $45 a barrel on hopes of a COVID-19 vaccine that could boost demand and later pulling back as concerns about rising cases overtook bullish news.
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