Rupee most likely to commence Wednesday session within range bound between 72.80 - 72.88 with positive sentiment against greenback. However, surging crude prices as well as subdued domestic equity market affected the rupee sentiment and restricted the gain.
On last trading session, the local unit (Rupee) hit an intra day high of 72.8475/8575 as well as low of 72.9250/9350. It settled at 72.89/90 levels, registering a rise of 7 pips against the greenback.
INTRADAY RANGE - 72.62 ( 72.73 - 72.93 ) 73.05
On Wednesday , Dollar traded near 2 week lows as demand for safer assets ebbed, Traditionally viewed as a safe haven, the dollar has sunk against major peers as optimism over monetary and fiscal support from policymakers, robust corporate earnings and the prospect that coronavirus vaccines could hasten a return to normality in the United States and elsewhere have bolstered risk sentiment.
As on writing GBP/USD trading 1.3827 with gain of 0.68%. The pound surged to a 22-month high against the greenback, underpinned by surging U.K. bond yields on optimism over a strong reopening of the country following a speedy vaccine rollout.
The Bank of England left its rates unchanged last week and said it projected GDP to recover rapidly toward pre-Covid levels over 2021.
On Wednesday , Asia Pacific stocks were up on early morning, boosted by continued optimism for a global economic recovery from COVID-19. However, gains were capped by growing worries about the sustainability of a recent risk rally.
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