After festive weekend Indian interbank market resume trading on Tuesday , we are expecting that Domestic unit (Rupee) will be firm opening as greenback started Tuesday session in Asia with weaker note, despite optimism over the latest positive news on the COVID-19 vaccine front. U.S. states introduce restrictive measures to curb the virus and as worries about a smooth transfer of presidential power in the U.S. in January mount up.
On Friday Session USDINR opened at 74.61/62, Intraday session USDINR hit intraday high at 74.7150/7250 level, before settled at 74.61/62 on closing basis. Rupee witnessed some strength intraday till 74.46/47 levels.
INTRADAY RANGE - 74.09 ( 74.35 - 74.63 ) 74.82
GLOBAL HIGHLIGHTS
Moderna Inc's experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second U.S. drug-maker to report results that far exceed expectations.
The pound saw gains over reports that the U.K. and the European Union could reach a Brexit divorce agreement by the beginning of the following week.
The onshore yuan will be under scrutiny as investors see whether it will reach a record 28-month high.
The NZD was at its strongest in more than a year with investors easing bets for additional monetary easing.
The AUD held onto its overnight gains against the dollar after the Reserve Bank of Australia (RBA) released the minutes from its latest policy meeting. The minutes indicated that the RBA was ready to provide even more policy stimulus if necessary, in the wake of cutting interest rates to record lows during the meeting.
Oil prices edged higher on Tuesday on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.
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