The Rupee likely to start Tuesday trading session with positive note as greenback was down in early Asia over Monday’s news that a COVID-19 vaccine could become available relatively soon and raising optimism over the global economic recovery.
On last Trading session (Monday) USDINR opened at 73.96/97 levels ,The pair witnessed intraday high at 74.1850 after hit day lows at 73.8275/8375 level. Rupee finished Monday session at 74.1450/74.1550 against greenback.
INTRADAY RANGE - 73.51 ( 73.79 - 74.23 ) 74.58
GLOBAL HIGHLIGHTS
Pfizer Inc's experimental COVID-19 vaccine is more than 90% effective based on initial trial results, the drug-maker said on Monday, a major victory in the war against a virus that has killed over a million people and battered the world's economy.
Coming as the number of global COVID-19 cases surpassed the 50.8 million mark on Nov. 10, with over 10 million cases in the U.S. alone, according to data from Johns Hopkins University, the news increased hopes that a COVID-19 cure would become available soon.
The USDJPY pair was down 0.44% to 104.90. The safe-haven Japanese yen clawed back some of its losses against the greenback, after seeing its biggest loss since March during the previous session.
The yuan and euro have been rising against the dollar as equities jumped on Joe Biden’s election win, but the overnight movement flipped things back to the way it is when markets usually turn risk-on, U.S. Treasury yields rise and the yen depreciates more than the dollar.
The USD/CNY pair edged down 0.22% to 6.60. Data released earlier in the day showed that October’s Consumer Price Index and the Producer Price Index both saw smaller-than-expected growth year-on-year, and the CPI also saw smaller-than-expected growth month-on-month.
On the vaccines front, Sinovac Biotech Ltd has halted its final stage trial in Brazil for its vaccine candidate Coronavac due to a serious adverse event that occurred on Oct. 29.
Meanwhile, President-elect Joe Biden continues to face challenges from incumbent Donald Trump, who shows no signs of conceding. Trump is also planning rallies to boost support for his legal challenges to the presidential election results.
Trump is completely within his rights to look into “irregularities” from the election, Senate Majority Leader Mitch McConnell said on Monday.
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