Rupee likely to commence with firm note as dollar nursed losses against most currencies as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency. Traders in Asia are focused on whether China's yuan can extend gains against the greenback as investors of all stripes shift funds to increase positions in Chinese stocks.
Yesterday , USDINR getting support from lower levels at 74.85/86 levels and hit intraday high at 75.06/07 , pair was able to finished at 75.02/03 levels.
India has become one of the busiest markets for M&A in Asia, said Kerwin Clayton, co-head of M&A for Asia Pacific at JPMorgan Chase & Co. “Global companies and investment funds are pondering more options to enter India, in a similar way to what happened with China a decade or so ago.” Mukesh Ambani’s ambitious courtship of international investors has helped turn India into a rare bright spot for deal making in 2020, a shift that bankers say is likely to continue as the battle for the country’s digital economy heats up.
INTRADAY RANGE - 74.67 ( 74.88 - 75.09 ) 75.30
GLOBAL HIGHLIGHTS
The U.K. unveiled an ambitious £30 billion stimulus package to spur economic growth as the country emerged from lock down, but the rise in sterling will be fleeting as the revamp measures do little to alter the growth outlook, ING warned.
EUR/USD Exchange Rate Edges Higher on Gloomy US Economic Outlook , with the pairing currently trading around $1.1345. The US Dollar (USD) has suffered today as risk-sentiment has improved despite growing fear over a possible second wave of corona-virus cases in America.
Asian stocks were expected to rise, as hopes of a robust economic recovery offset concerns over flare-ups in the corona-virus pandemic, and as investors looked ahead to earnings season.
Gold also gained. Concerns over the pandemic and the extraordinary amounts of fiscal and monetary stimulus unleashed around the world to counteract its economic impact led some investors to seek safety in the yellow metal, which soared past the $1,800, its highest level since September 2011.
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