The Rupee likely to start Tuesday session with mild negative note against greenback , we expect opening between 73.45 - 73.52 levels. In current scenario every 10-15 pips dips is buying opportunity as 10 year govt. yields getting momentum. Higher yields could jeopardize current easy financial conditions and reset expectations for a range of asset classes.
On last trading session USDINR stuck between 73.37 - 73.5075 levels despite dollar jumped over short term resistance levels.
Indian banks may see bad loans double despite signs of an improvement in the economic impact of the COVID-19 pandemic, a report from the Financial Stability and Development Council said on Monday.
India's Supreme Court on Monday criticized the government for failing to break a deadlock with farmers protesting against reforms of the agricultural sector.
INTRADAY RANGE - 73.23 ( 73.37 - 73.51 ) 73.65
The dollar extended a rebound on as sharp gains in U.S. yields and hopes for more stimulus to boost the world's largest economy prompted some investors to temper bearish bets, pulling the currency further away from recent multi-year lows. The yield on benchmark 10-year U.S. debt up more than 20 basis points to 1.1187% this year.
The dollar index has lost roughly 12% since a three-year peak in March. However, it is now more than 1.3% above the almost three-year low it hit last week.
The Euro fell against the stronger USD owing to growing concerns over Europe’s increasing Covid-19 infection numbers. Today also saw news that Franc could close its boarders with Britain and under countries to reduce an influx of the new Covid-19 variants. The EUR/USD overnight fell by -0.5%, with the pairing currently trading around $1.2140-1.2150.
INTRADAY RANGE - 1.2298 ( 1.2203 - 1.2108 ) 1.2013
Oil prices slipped as investors remained concerned about climbing coronavirus cases globally, though an anticipated drawdown in crude oil inventory in the United States for a fifth straight week stemmed losses.
U.S. crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week, a preliminary Reuters poll showed on Monday.
Asia Pacific stocks were mostly up on Tuesday morning, after U.S. shares declined for the first time in five sessions overnight.
Investors were also weighing whether equities are running too hot, and if valuations are too stretched.
Kommentare