On Thursday, Indian Rupee seems start with weaker note as greenback maintain falling momentum against other majors, and held on to gains against the yuan, as heightened Sino-U.S. tension put a bit of caution into currency markets. Yesterday USDINR show some resilience, get some bids on lower levels at 74.5775 and take up to intraday high at 74.8750 levels before closed at 74.76/74.77 levels.
India's National Financial Regulatory Authority (NFRA) on Wednesday imposed a seven-year audit ban on a former partner of Deloitte's India unit for lapses in the audit of an infrastructure lender whose debt defaults sparked a credit crisis in 2018.
Gold prices in India rose above the psychologically important 50,000 rupees level for the first time on Wednesday, as expectations of more stimulus to resuscitate pandemic-hit economies lifted the metal's appeal as an inflation-hedge.
INTRADAY RANGE - 74.21 ( 74.48 - 74.80 ) 75.10
GLOBAL HIGHLIGHTS
Sino-U.S. ties, the United States ordered China to close its consulate in Houston, saying it was "to protect American intellectual property and Americans' private information." China strongly condemned the move, and a source said Beijing was considering shutting the U.S. consulate in Wuhan in retaliation.
A weaker dollar will likely come as a relief to U.S. exporters, as their products become more competitive abroad when the dollar weakens. A falling dollar also makes it less expensive for U.S. multinationals to convert earnings back into their home currency.
The euro at $1.1569, about 0.3% below a 21-month high of $1.1601.
The Australian dollar pulled back from a 15-month peak and was steady at $0.7137, while the kiwi retreated slightly from a six-month top to sit at $0.6657.
Elsewhere the South Korean economy entered recession and exports posted their worst plunge since 1963.
Gold surged to a nine-year peak, with prices up 22% on the year. Investors have flocked to the safe-haven metal as they seek shelter from a potential reversal in U.S. equities.
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