USDINR will commence Tuesday trading session with mild negative note as Moody's downgrade India Rating Baa3 from Baa2 as well as greenback getting some bids on lower levels due to uncertainty between USA - CHINA.
Moody’s Investors Service downgraded India’s credit rating to a notch above junk on Monday, citing a prolonged period of slow growth in Asia’s third-largest economy, rising debt and persistent stress in parts of the financial system.
India’s cases of corona virus crossed 190,000, the health ministry said on Monday, overtaking France to become seventh highest in the world, as the government eases back on most curbs after a two-month-long lock down that left millions without work.
INTRADAY RANGE - 75.15 ( 75.35 - 75.74 ) 76.00
GLOBAL HIGHLIGHTS
In the trade dispute, sources in China said the government had told them to halt purchases of U.S. soybeans after Trump moved to eliminate special treatment for Hong Kong to punish Beijing over its new security laws for the city.
Asian stocks were set to come under pressure on Tuesday following a dip in Wall Street futures as U.S. President Donald Trump vowed to use force to end violent protests in American cities, souring a previously upbeat market mood.
The Euro zone, the IHS Markit's Manufacturing Purchasing Managers' Index recovered slightly in May from April's record low, although factory activity still contracted heavily.
Oil futures steadied on Monday despite U.S.-China trade tensions with Brent up 1.3% to settle at $38.32 a barrel and U.S. crude slipping 5 cents to $35.44 a barrel.
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