We expect that USDINR commence Tuesday trade with in range-bound despite dollar index is subdued in Asia morning, falling to a two-year low over fresh investor concerns about the U.S. economy’s ability to recover from the impact of COVID-19. Yesterday , USDINR intraday trading range was 74.66 - 74.9075 level.
Two teenage girls from India have discovered an Earth-bound asteroid by poring through images from a University of Hawaii telescope, an Indian space education institute said on Monday.
Nations in Asia imposed new restrictions on Monday, while an abrupt British quarantine on travelers from Spain threw Europe's summer reopening into disarray, as the world confronted the prospect of a second wave of COVID-19 infections.
India's chemicals minister on Monday outlined plans to boost local manufacturing in the bulk drugs and medical device industries to reduce India's reliance on imports, particularly from China.
INTRADAY RANGE - 74.43 ( 74.67 - 74.92 ) 75.17
GLOBAL HIGHLIGHTS
Pressure on the greenback has been relentless since the end of May, as faith in a global economic recovery from the pandemic has grown stronger and other currencies have rallied. But it has intensified in the wake of the EU fiscal deal, and as the coronavirus' spread in the U.S. casts doubt on its own economic recovery.
The dollar is tracking toward its worst month in nearly a decade, shedding 3.9% in July. It has lost nearly 7% since mid May. Short dollar positions are at their highest in two years.
A big U.S. fiscal package - currently deadlocked in negotiations between Democrats, who have made a $3 trillion proposal, and Republicans who have tabled a more modest $1 trillion plan - could also boost the dollar. As could the Fed, if it does not sound so dovish or if markets "sell the fact" after the meeting.
The euro, which has been on a meteoric rise ever since the EU reached a deal for a EUR750 billion ($879.549 billion) recovery package the week before, also continues to hit the dollar hard.
The AUD/USD pair gained 0.22% to 0.7168 and the NZD/USD pair was up 0.06% to 0.6688. The two Antipodean risk currencies continued their gains against the safe-haven dollar.
Gold flew to $1,975 an ounce on Tuesday having climbed $160 in just six sessions. Silver put on another 5% to reach $25.81, its highest since April 2013, and a gain of almost a third in seven sessions.
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