We are expecting Rupee could start with positive note after yesterday 0.40% sharp decline against greenback rebound in early asia morning , as investors weighed mixed but encouraging economic data against slow progress toward a U.S. government spending package and another week of rising coronavirus deaths.
India is planning to raise quality standards of imports, impose quantity restrictions, mandate stringent disclosure norms and initiate more frequent checks at ports of entry for goods coming from many Asian countries, the officials said, declining to be named as they were not authorised to talk to the media.
The moves will mainly target imports of base metals, electronic components for laptops and mobile phones, furniture, leather goods, toys, rubber, textiles, air conditioners and televisions, among other items, the officials said.
INTRADAY RANGE - 74.85 ( 75.02 - 75.35 ) 75.55
GLOBAL HIGHLIGHTS
The U.S. dollar had its worst month in a decade in July but began August with a bounce.The narrowing of government bond yields between EU and U.S. rates has also reduced the dollar bias that was prevalent in prior months.
The roots of the USD depreciation cycle now in train lie in the sharp compression in previously USD-favoring yield differentials. On this basis alone, there should be much more to come by way of USD weakness.
Global equities, the dollar and oil futures kicked off the week with gains as manufacturing data from the United States, Europe and China indicated a factory recovery is holding up despite rising cases of COVID-19.
North Korea is pressing on with its nuclear weapons program and several countries believe it has "probably developed miniaturized nuclear devices to fit into the warheads of its ballistic missiles," according to a confidential U.N. report.
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