On Wednesday, USDINR will start with positive note, but huge stimulus package will make pressure on our fiscal front that could hit domestic currency against greenback.
Yesterday (Tuesday), USDINR opened at 75.88 reached up to 75.97 then huge selling pressures from foreign banks drag till 75.45 levels.
Prime Minister Narendra Modi said on Tuesday that India would provide 20 trillion rupees ($266 billion) in fiscal and monetary measures to support an economy battered by a sweeping weeks-long lock-down to fight the novel coronavirus.
Headline announcement looks positive. Would include around 6.5 trillion rupees already done by RBI (Reserve Bank of India) and the first package. So - additional is 13.5 trillion rupees.
INTRADAY RANGE – 74.66 (75.10 – 75.66) 76.18
SENTIMENT –
IMPORTER START WITH 25% COVERING
EXPORTER WAIT
GLOBAL HIGHLIGHTS
The dollar was on the defensive against its rivals on Wednesday as traders looked to Jerome Powell's speech amid rising speculation negative interest rates.
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PBOC sets Yuan reference rate at 7.0875
New Zealand 10-year bond yield hits record low as RBNZ keeps option of negative rates
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Asian stocks set to slip on corona-virus fears, vaccine timing
South Korea's jobs fall in April at sharpest pace since 1999
Oil falls on second wave outbreak fears, rise in U.S. inventories
Market Analysts Are Getting Nervous About a Second Wave of Virus
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