USDINR FRIDAY PROJECTION

On Friday, USDINR expected to start with firm note after yesterday closed near day high at 75.5650/75.5750 levels. USDINR getting regular bid on every dip but upside pressure still persist keep pair in range bound between 75.10 – 75.96 levels from start of this month (MAY’20).

INTRADAY RANGE – 75.10 (75.35 – 75.63) 75.88

SENTIMENT – IMPORTER BUY ON DIP

GLOBAL HIGHLIGHTS

• Global funds are betting on developing Asian debt as the region takes aggressive steps to contain the pandemic and help their economies bounce back.

• USD/IDR: Indonesian rupiah trims losses despite awful Indonesian Trade data.

• AUD/JPY: Pullback from session highs continues after mixed China data.

• PBOC keeps interest rate on 1-year MLF unchanged at 2.95%.

• USD/JPY better bid near 107.40 amid talks of additional US stimulus.

• Oil headed for its third week of gains as the market stabilizes on signs that top producers are scaling back crude shipments.

• President Donald Trump’s increasing souring on China is sending waves of delight through gold buyers.

• The Dow made an impressive comeback on Thursday, bouncing back from deep losses, led by a surge in financials.