On Tuesday , The domestic unit (Rupee) likely to start trading within range of between 72.95 - 73.05 levels, we are expecting that for intraday, for every dip there should be some support as greenback down in early morning Asia, but with investors turning to safe-haven assets as the number of COVID-19 cases and uncertainty about a U.S. runoff election in Georgia mount.
On last trading session USDINR opened at 72.9275 , touched intraday lows at 72.90/91 after that importers demand drag pair up to intraday high at 73.0350/73.0450 levels before finished at 73.0050/73.0150 levels.
The safe-haven yen had gained against the dollar on Monday towards its strongest level since March as Japanese Prime Minister Yoshihide Suga considers whether to declare a fresh state of emergency in the Greater Tokyo area.
India has approved two COVID-19 vaccines, one developed by AstraZeneca along with Oxford University and the other by local company Bharat Biotech, paving the way for the world's second most populous country to join the list of nations launching immunization campaigns.
INTRADAY RANGE - 72.81 ( 72.92 - 73.08 ) 73.22
Asia Pacific stocks were mixed on early morning, with investors bracing for a key runoff election in the U.S. state of Georgia.
Voting for the election in Georgia begins later in the day and will be watched closely. Two Senate seats, and control of the chamber is up for grabs in the election. The election will also determine the ease with which President-elect Joe Biden’s agenda, including rewriting the tax code, boosting stimulus and infrastructure spending, will be implemented.
U.S. President Donald Trump's administration announced on Monday that it has made final its plan to open up vast areas of once-protected Arctic Alaska territory to oil development.
The pound came under pressure as U.K. Prime Minister Boris Johnson on Monday ordered a new, tougher national lockdown to contain a surge of COVID-10 cases in the country.
Johnson was cautious about giving a firm lockdown timetable but said that if the vaccine rollout went as planned and the number of deaths decreased in response to the lockdown measures as expected, it could be possible to start moving out of lockdown by mid-February.
The safe-haven yen had gained against the dollar towards its strongest level since March as Japanese Prime Minister Yoshihide Suga considers whether to declare a fresh state of emergency in the Greater Tokyo area.
China Investors are still digesting the release of December’s Caixin Manufacturing Purchasing Managers Index (PMI) on Monday, which was lower than expected. The Caixin services PMI is due to be released on Wednesday.
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