On Wednesday, Rupee likely to start session with positive note in between 73.23 - 73.32 levels as greenback remained broadly weaker as treasury yields continued to retreat, restoring some calm to global markets and reigniting demand for riskier assets.
FII flows define USDINR direction , Previous session FII was net long in Indian equity market as well as country trade balance data better then expected (-$12.9B Vs -$14.54B).
Last intraday trading session , USDINR opened at 73.34/35 levels , after opening hit intraday lows at 73.3125/73.3225, after mid day trading session pair gain some momentum and touch day high at 73.4875/4975 levels. Pair finished session with negative note at 73.37/38 levels.
INTRADAY RANGE - 73.06 ( 73.24 - 73.45 ) 73.59
Bonds have been at the center of a storm in financial markets in recent weeks. U.S. government bond yields dipped again for the third consecutive day as investors paused a recent sell-off ahead of a slew of U.S. economic data that will be released later this week. The yield on 10-year Treasury notes stood at 1.41%, down from last week's high of 1.61%.
The Aussie rose 0.1% to $0.7824, following gains of about 0.7% the previous two days. The currency got additional support from gross domestic product data that stronger-than-expected economic growth in the fourth quarter fueled hopes for a V-shaped recovery from the coronavirus pandemic. Reserve Bank of Australia had recommitted to keeping interest rates at historic lows. Reserve Bank of Australia had recommitted to keeping interest rates at historic lows.
European Central Bank board member said the bloc's monetary authority should expand bond purchases or even increase the quota earmarked for them if needed to keep yields down.
The cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said two currency dealers on the informal market, a main source of cash since banks stopped dispensing dollars. Three other dealers said the greenback traded at 9,900.
Asian shares edged higher as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energies the global economic recovery.
Comments