On Tuesday, Domestic currency (INR) likely to start trade with positive note against greenback. Yesterday USDINR stuck in narrow range between 75.98-75.84 levels.
India’s capital New Delhi and some other state governments ordered the re-opening of public transport on Monday in a further easing of a nearly two-month corona-virus shutdown.
A recovery in fuel demand in India gathered momentum in the first half of May versus April as curbs on transport and industrial activity were partly lifted in areas that have contained the spread of corona-virus, data from industry sources showed.
INTRADAY RANGE – 75.20 (75.63 – 75.90) 76.04
SENTIMENT –
IMPORTER WAIT FOR DIP
EXPORTER EVERY UPSIDE SELL (20%-25% POSITION)
GLOBAL HIGHLIGHTS
Moderna Inc’s experimental COVID-19 vaccine, the first to be tested in the United States, produced protective antibodies in a small group of healthy volunteers, according to very early data released by the biotech company on Monday.
Asian shares jumped and oil extended gains on optimism the global economy would recover quickly following a successful early-stage trial of a corona-virus vaccine, while the euro hovered near a two-week top.
The dollar nursed losses against major currencies after encouraging data from the trial of a vaccine for COVID-19 reduced safe-haven demand for the greenback.
The euro held onto hefty gains against the Swiss franc and the dollar following a proposal by France and Germany for a 500 billion euro ($543 billion) recovery fund offering grants to regions hit hardest by the corona-virus crisis.
Oil prices rose extending gains for a fourth straight session, amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the corona-virus pandemic.
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