TUESDAY - USDINR GETTING SUPPORT FROM LOWER LEVELS !!

As per our finding , We expect USDINR start Tuesday session in range bound with negative base , Pair getting support in lower levels. Importers must start covering short term position between 73.60 - 73.70 levels and Exporters wait for 73.90 levels break out for near term position.

• On last trading session, Rupee witnessed an intra-day high of 73.5275 and a low of 73.8650 against the greenback.

• On the domestic equity market front, BSE benchmark Sensex was trading 566.17 points higher at 37,954.83, and the broader NSE Nifty rose 174.05 points to 11,224.30.

More than 1 million people have died of COVID-19 around the world as of Tuesday, according to a Reuters tally, with the pace of fatalities picking up as infections again surge in several countries.

The MPC which was scheduled to meet between Sept. 29 to Oct. 1 but will now meet at a later date which is yet to be announced, RBI said on Monday.

• All 66 respondents in a Reuters poll expect the repo rate to remain unchanged at 4.0% and a large majority see no cuts until the January-March quarter. The RBI will then likely stay on hold until the end of 2021.

INTRADAY RANGE - 73.28 ( 73.52 - 73.92 ) 74.26

GLOBAL HIGHLIGHTS

• Things to Watch : - Bank Stocks, Presidential Debate, Consumer Data.

• Dollar Continues Downward Trend Ahead of Trump-Biden Debate.

• Pound Hits One-Week High Ahead of Brexit Talks; BoE Cools Negative Rate Fears.

  • Pound Advances on Conciliatory Tone in Brexit Trade Negotiations.

• EURUSD Price May Reverse at Support Level of $1.15.

• Oil Holds Gains on Stimulus Talk as Demand Concerns Linger.

• Gold Pops As Dollar Dips From Highs, Near-Term Still Fragile.

• Venezuela Is Buying Iranian Oil With Planes Full Of Gold.