The Rupee suppose to commence Wednesday session with firm note between 73.10 - 73.18 levels as greenback down on early morning in Asia, with investors digesting U.S. Secretary of the Treasury nominee Janet Yellen’s big spending comments.
On last trading session (Tuesday) , USDINR opened at 73.16/17 levels, rally up to intraday highs at 73.3125/73.3225 then witnessed pair sell off and settled for the day at 73.1650/73.1750 . Early morning pair hit intraday lows at 73.1325/73.1425 levels.
USDINR INTRADAY RANGE - 72.87 ( 73.05 - 73.28 ) 73.42
Yellen urged Congress to “act big” on COVID- 19 relief and not worry too much about debt during her Senate confirmation hearing before the Senate Finance Committee on Tuesday. Her comments helped mitigate the risk-adverse tone seen earlier in the week and turned investors away from the safe-haven U.S. currency.
DOLLAR INDEX INTRADAY RANGE - 90.97 ( 90.61- 90.24 ) 89.88
EURUSD gained around 0.42% , and hovered around $1.2150 earlier in the session. The currency was boosted by both the Italian government surviving a confidence vote as well as a better-than-expected ZEW economic sentiment survey in Germany.
The European Central Bank is also due to hand down its policy decision on Thursday.
EURUSD INTRADAY RANGE - 1.2242 (1.2170 - 1.2098 ) 1.2026
The GBPUSD pair up 0.17% to 1.3651was supported after BoE (Bank of England) chief economist Andrew Haldane’s prediction during a webinar on Tuesday that the U.K.’s economy could begin to recover “at the rate of knots” from the second quarter of 2021.
GBPUSD INTRADAY RANGE - 1.3734 ( 1.3669 - 1.3604 ) 1.3539
On Wednesday, Asian indices were poised for gains after Wall St. indexes rose on the back of U.S. Treasury Secretary nominee Janet Yellen's push for a sizable fiscal relief package in response to the COVID-19 pandemic.
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