Indian rupee opening on Wednesday seems firm against greenback as dollar was flat on morning in Asia, gaining back some of its earlier losses on the back of disappointing U.S. data.
Yesterday, USDINR start with trading at 74.17 and reached up to 74.5125 levels before settled at 74.33 levels .
Dubbed India’s Silicon Valley for its tech firms and startups, Bengaluru has reported more than 110,000 cases. Where its infections in early June rose by 25 a day on average, the rate is now more than 2,500.
India reported on Tuesday the highest number of new coronavirus cases globally for the 18th straight day, remaining well ahead of the United States and Brazil, a Reuters tally based on official reporting showed.
INTRADAY RANGE - 73.77 ( 74.11 - 74.52 ) 74.80
GLOBAL HIGHLIGHTS
August’s Conference Board (CB) consumer confidence United States CB Consumer Confidence Latest Release:Aug 25, 2020 Actual:84.8 Forecast:93.0 Previous:91.7 fell to 84.8, its lowest level since May 2014, with COVID-19-induced high unemployment contributing to the fall. The reading was much lower than forecast of 93, prepared by Investing.com, and was also lower than July’s reading of 91.7.
The GBP/USD pair inched down 0.10% to 1.3138 Investors will also be keeping an eye on Brexit trade negotiations between the U.K. and the European Union, which have so far seen a lack of progress.
The USD/CNY pair edged down 0.09% to 6.9048, with markets continuing to monitor U.S-China ties after U.S. and Chinese officials affirmed the phase one trade deal on Monday.
The AUD/USD pair inched up 0.06% to 0.7189. But with the number of COVID-19 cases in Victoria state rising again, hitting 149 cases on Wednesday, the AUD is expected remain in a narrow range.
MAJOR FX INTRADAY RANGE
EUR/USD - BUY ON DIP
1.1927 (1.1834 - 1.1803) 1.1741
GBP/USD - BUY ON DIP
(1.3208 - 1.3091) 1.3051
USD/JPY - BUY ON DIP
107.47 (106.74 - 106.01) 105.28
DOLLAR INDEX - UPSIDE SELL
93.59 ( 93.20 - 92.81 ) 92.42
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