On Tuesday , Rupee likely to commence session with positive note between 73.20/30 levels as greenback fell sharply, paced by declining U.S. bond yields, but the pullback could be short-lived as the expected rise in rates has forced some on Wall Street to ease their bearish bets on the greenback.
On Last trading session (Monday), USDINR opened at 73.40/41 then hit intraday high at 73.4675/4775 levels. After touched intraday high pair getting sharp correction and hit day lows at 73.2775/73.2875 before finished at 73.33/34 levels.
INTRADAY RANGE - 73.01 ( 73.20 - 73.39 ) 73.58
GLOBAL OUTLOOKS
France last week imposed a four-week lock-down including school closures from Saturday, while Italy extended restrictions as a third wave of Covid-19 sweeps across parts of the continent.
U.S. bond yields slipped, though the 10-year yields remained above 1.7% after data showed U.S. services activity hit its highest level since 1997. The drag on the greenback from lower yields, however, is unlikely to continue in the wake of the positive economic backdrop.
Crude Oil fell more than 5%, reversing the pre-Good Friday rally, as traders frowned upon the decision by OPEC+ to put to rest its year-long production cuts on the assumption of increasing summer demand for oil.
Crude prices also came under pressure as Iran opened talks with global powers in Vienna to find a way to end the two-year-old U.S. sanctions on its oil imposed by the former Trump administration.
Asia's Indices rose on Tuesday as another batch of strong U.S. economic data bolstered the global outlook.
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