The Indian Rupee likely to start with positive note against dollar looked set to snap a four-session winning streak , but analysts warn that the path lower for the greenback will run out of road as the Covid-19 pandemic's lasting impact on the global economy will renew safe-haven demand.
On Monday , USDINR show strength , started at 76.1750 and hit intraday low at 75.98 levels before finished at 76.02/03 levels.
India reported a record number of new corona virus cases on Monday and a death toll of more than 400 people in the past 24 hours as foreign embassies warned their citizens in the country that hospitals might not have beds for them.
Indian and Chinese military commanders met on Monday to try to ease tensions at their disputed Himalayan border as the public mood hardened in India for a military and economic riposte following the worst clash in more than five decades.
INTRADAY RANGE - 75.60 ( 75.82 - 76.05 ) 76.27
GLOBAL HIGHLIGHTS
White House trade adviser Peter Navarro said the trade deal with China "continues in place', adding that his earlier comments that the pact was "over" were taken out of context.
U.S. President Donald Trump confirmed in a tweet that the deal was "fully intact". "Hopefully they will continue to live up to the terms of the agreement," Trump said on Twitter.
US dollar index, a gauge of the greenback versus major currencies, declines to 96.95 during Tuesday’s Asian session. The USD barometer earlier surged to the intraday high of 97.25 .
USD/JPY made a quick recovery from session lows near 106.75 to print session highs above 107.20 after President Trump tweeted that the China trade deal is not over.
The Australian dollar +0.23% to $0.6921, erasing earlier gains while the New Zealand dollar +0.05% to $0.6473.
Oil held gains near the highest level in more than three months on optimism easing lock down restrictions will increase demand further, while supply cuts boost physical crude prices.
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