We are expecting USDINR commence Tuesday trading with weaker note as greenback dipped against riskier currencies as hopes for a COVID-19 vaccine and big corporate deals improved investor appetite for assets such as the yuan and the euro.
Yesterday , At the Interbank Forex market, the domestic unit opened at 73.40 against the US dollar, gained further ground to touch 73.25/26 , before finished at 73.4775/73.4875 levels against the US dollar, registering a rise of 21 pips over its previous close.
India's government sought parliamentary approval to inject 200 billion rupees ($2.72 billion) in state-run banks in the current fiscal year, to help lenders mitigate the expected surge in bad loans due to the pandemic.
An Indian court's decision to stall the release of a Netflix Inc series on four Indian tycoons facing fraud allegations "freezes free speech" and hurts the company financially, the U.S. streaming giant has argued in a court filing seen by Reuters.
INTRADAY RANGE - 72.88 ( 73.25 - 73.65 ) 73.86
Asian shares subdued on early trade on Tuesday as investors shifted focus to upcoming data and central bank meetings although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses.
The British pound bounced back to $1.2851 , following a fall of 3.66% last week, showing limited reaction after the UK government won an initial Parliamentary vote on its controversial bill to violate the Brexit deal with the European Union.
Traders said the currency looks vulnerable as the EU warns British Prime Minister Boris Johnson's bill would collapse trade talks and propel the United Kingdom towards a messy Brexit.
Chinese yuan hit a 16-month high of 6.79 yuan per dollar on Monday and last traded at 6.8098 .
China's industrial output growth accelerated in August, while retail sales expanded for the first time this year, suggesting the economic recovery is gathering pace as demand starts to improve more broadly from the corona-virus crisis.
Traders also look to central bank policy meetings in the United States on Wednesday and in Japan and Britain on Thursday.
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