USDINR expected to commence trading with positive note after dollar index gap down in Asian session as Fed tweaks to its bond buying program, widening the range of eligible assets to include all U.S. corporate bonds that satisfied certain criteria.
On Monday , Weak session for Domestic currency (Rupee) after long duration which keep pair above 76.00 mark against greenback. Yesterday USDINR opened at 75.95 level & drag it up to intraday high at 76.1650 levels but finished with some positive note at 76.0350/76.0450 level.
India's merchandise exports shrank by more than a third in May from a year ago, dragged down by a fall in global demand and shipments due to the outbreak of corona virus, trade ministry data showed on Monday.
India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the corona virus outbreak.
INTRADAY RANGE - 75.55 ( 75.78 - 76.08 ) 76.32
GLOBAL HIGHLIGHTS
The Federal Reserve said Monday that it will begin buying individual corporate bonds under its Secondary Market Corporate Credit Facility, an emergency lending program that to date has purchased only exchange-traded funds.
U.S. Treasury yields rebounded on the Fed announcement, as investors set aside concerns over the spread of the corona virus that has boosted demand for safe-haven bonds.Benchmark 10-year notes last fell 14/32 in price to yield 0.7462%, from 0.702%.
Euro zone yields edged down as investors bought safer assets such as government bonds.
Germany's 10-year bond yield earlier was near a three-week lows at -0.45%.
The UK and EU agreed to intensify post-Brexit talks. Prime Minister Boris Johnson stoked hopes that an outline of a deal could be reached by the end of next month.
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