Rupee likely to commence Tuesday session between 73.75 - 73.85 with weaker note as greenback pushed higher and rebounding from multi-year lows as Covid-19 cases continue to mount and lockdowns expand, weighing on the U.S. economic recovery. Pair seems find base and ready to move upward. Importers must cover there short term exposures.
Yesterday, At the interbank forex market, Rupee witnessed a volatile trading session. It opened at 73.80/81 and rose to an intra-day high of 73.6975/7075 and dropped to a low of 73.9675/9775. It finally finished at 73.9050/9150 a dollar, registering a decline of 11 pips over its previous close of 73.80.
India is accelerating its review of COVID-19 vaccines developed by Pfizer Inc and AstraZeneca to authorize for emergency use, a senior official said on Monday, as the world's second-hardest hit country seeks to contain the virus outbreak.
Farmers, agitating for nearly two weeks against the three farm laws enacted by the Centre earlier this year, have called for a nationwide strike on Tuesday. The general strike from 11am till 3pm will be backed by several political parties and a joint platform of 10 central trade unions.
INTRADAY RANGE - 73.49 ( 73.68 - 74.05 ) 74.28
GLOBAL HIGHLIGHTS
The pound recovered some of its losses on Monday as UK Prime Minister Boris Johnson is set to travel to Brussels in a last-ditch effort to broker a post-Brexit deal.
Boris Johnson and European Commission President Ursula von der Leyen will iron out the remaining differences on a post-Brexit trade deal in the coming days, the pair announced in a joint statement.
In an apparent olive branch to the EU, Johnson is said to have offered to drop the UK's controversial internal markets bill in exchange for a deal. The legislation has drawn strong criticism from the EU as it seeks to undermine parts of the Brexit Withdrawal Agreement.
Oil prices have come under pressure this week by the combined impact of renewed pandemic lockdowns and uncertainty about the long-term outlook of production cuts by OPEC+.
After some delays, OPEC+ reached a deal last week to continue with production cuts in January, although production will increase slightly. That deal helped reassure investors and pushed oil up by about 2% last week. It is uncertain how long the ongoing production cuts will remain in place.
The prospects are improving for gold to march back towards the $1,900 mark, partly boosted by the increasing likelihood that the U.S. government will reach a budget deal, which would avoid a shutdown, and also issue another round of stimulus worth about $908 billion to shore up a flagging economic rebound from a surging COVID-19 pandemic.
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