On Wednesday , Rupee seems commence trading in range with positive note as greenback nursed losses as progress in developing a novel coronavirus vaccine and expectations for a fiscal boost from a new U.S. government triggered a shift of funds from the greenback to riskier assets.
On last trading session ( Tuesday) , USDINR finally break support 74.00 levels after 10th Nov'2020. Pair started with opening trade at 74.11/12 trying to hold 74.14/15 mark but it failed. Rupee got Sharpe correction till intraday high at 73.87/88 levels before finished at 73.99/74.00 levels against greenback. The Domestic unit firm momentum directly correlated with FII inflows as well as 10 year Government yields in comfortable zone 5.88-5.90 levels.
INTRADAY RANGE - 73.63 ( 73.85 - 74.17 ) 74.39
GLOBAL HIGHLIGHTS
The U.S. currency teetered near a two-month low against the Australian dollar and a two-year low against the New Zealand dollar, both considered barometers of risk sentiment due to their close ties with the global commodities trade.
The U.S. dollar's declines are likely to continue because a vaccine and the expected choice of former Federal Reserve Chair Janet Yellen as U.S. President-elect Joe Biden's next Treasury secretary relieve two big uncertainties for investors.
The Antipodean currencies were already on the front foot as investors unwound bets for additional monetary easing in both countries.
GBP/USD Exchange Rate Rises as Safe-Haven Demand Slips as US Political Tensions Ease The Pound to US Dollar (GBP/USD) exchange rate rose by 0.2% today, with the pairing currently trading around $1.336.
JPMorgan has raised its odds of a Brexit trade deal to 80%, up from two-thirds, as negotiators from Britain and the European Union try to clinch an accord before the end of the year.
Bitcoin, the most popular cryptocurrency, eased slightly to $19,046 but was still close to its record of $19,666 from December 2017.
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