The Rupee likely to start Wednesday session with weaker note between 72.85 / 72.92 levels against greenback as dollar index up, hitting near 4-month high against the yen as U.S. 10 year bond yields jumped on the prospects of further economic recovery and a possible acceleration in inflation.
The industry body welcomed the government’s plan to introduce an official digital currency regulated by the Reserve Bank of India. The creation of an official digital currency for India is not “pre-conditioned" on banning other crypto assets, Internet and Mobile Association of India.
INTRADAY RANGE - 72.55 ( 72.71 - 72.97 ) 73.12
Bitcoin held firm, a day after the cryptocurrency hit $50,000 for the first time, bringing its total market capitalization to more than $900 billion, as traders bet on its further acceptance among major companies.
The yen, which is sensitive to U.S. yields, reacted the most with the dollar jumping to a four-month high of 106.22 yen. It last stood at 106.00 yen.
The euro slipped slightly to $1.2092 though its fall was less pronounced due to its gains earlier on Tuesday following strong German economic sentiment data.
The British pound held firm at $1.3888, having reached its highest level since April 2018. Against the euro, the pound traded at its highest level since early May at 87.12 pence per euro.
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