USDINR opened 10 pips firm @ 71.79/80 levels verses Friday Closing at 71.89/90 levels. its surprising that Rupee start with firm note after dollar held near a 19-month high on Monday, bolstered by safe-haven buying as heightened concerns of a global economic slowdown reduced appetite for riskier assets such as stocks and Asian currencies.
INTRADAY RANGE - 71.45 (71.71 - 72.09) 72.21
Reserve Bank of India (RBI) governor Urjit Patel abruptly resigned on Monday, it stunned many people in government and business circles.Patel’s decision, which came after months of bad blood between the central bank and the government, is the latest sign that the ruling Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, is increasingly demanding that it get its way in the country’s premier institutions.
Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and reinforced anxiety over the broadening impact of international trade frictions. The market’s retreat also reflected a worsening global economic outlook, with the latest evidence of slackening momentum coming from China and Europe.
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