USDINR
The Rupee maintains its winning momentum as we expect on Friday USDINR most like to commence at par between 74.26 – 74.33 as the greenback fell to a one-month low as USA GDP increased at a 6.5% annualised rate last quarter, well below the 8.5% rate economists polled by Reuters had to forecast.
The Indian rupee strengthened to its highest level in more than three weeks against the dollar.
Indian traders for the first time have signed sugar export contracts five months ahead of shipments as a likely drop in Brazil's production prompted buyers to secure supplies from the South Asian country in advance.
Day Trend: - UPSIDE SELL.
INTRADAY RANGE – 74.47 (74.35 – 74.23) 74.11
ASIAN FOREX
Short positions were raised on all other Asian currencies like the Philippine peso, Malaysia's ringgit and the Thai baht as the region's dire COVID-19 situation and prospects of broad dollar strength eroded their appeal.
Investors turned bearish on the yuan for the first time since April as China's regulatory crackdown on private sector firms sent jitters through markets.
INDICES
Japan's Nikkei set 11th straight month of falls, trading at dipped 1.45%.
Hong Kong's Hang Seng fell -0.85%.
Seoul's Kospi was down 0.87%.
Shanghai -0.45% & SZSE Component -1.71%.
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