On Rainy Wednesday morning , Indian rupee seems start with positive note as greenback hit 2 year lows on concern that the world’s biggest economy will struggle to regain momentum amid a standoff over further virus relief and as infections continue to mount.
On Tuesday , At forex market, the domestic unit traded in a narrow range. It opened at 74.78 and ended the day at 74.76, registering a gain of 12 paise over its previous close of 74.88 against the greenback.
An Indian court on Tuesday refused to allow the reopening of Vedanta's south Indian copper smelter, more than two years after it was closed because of pollution concerns that triggered violent protests.
India's commerce minister has asked automakers to find ways to reduce royalty payments to foreign parent companies for use of technology or brand names, two sources told Reuters, in an effort to boost local investment and reduce outflows.
INTRADAY RANGE - 74.47 ( 74.63 - 74.79 ) 74.95
GLOBAL HIGHLIGHTS
The greenback has been on the defensive since mid-year, with lawmakers unable to agree on measures to support the economy’s recovery from the pandemic, and with U.S. real yields dropping to multi-year lows. On top of that, investors’ attention is turning to the November presidential election and the uncertainty that may bring.
The pound extended its advance to a fifth day, erasing this year’s drop against the dollar. The currency rose as much as 0.2% to $1.3265. The Bloomberg Dollar Spot Index has fallen around 10% from late March when the Federal Reserve acted to provide dollar liquidity in the virus-induced global market panic.
The U.S. State Department also advised colleges and universities throughout the country to divest any Chinese holdings in their endowments via a letter on Tuesday. The letter also warned of more onerous measures for institutions choosing to hold onto the shares.
MAJOR FX INTRADAY RANGE
EUR/USD - HOLD
1.2091 (1.1989 - 1.1887)
GBP/USD - HOLD
(1.3322 - 1.3167)
USD/JPY - ANY DIP BUY
106.51 (105.72 - 104.93)
DOLLAR INDEX - HOLD
93.29 ( 92.58 - 91.87 )
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