The domestic unit (Rupee) likely to commence Wednesday session with weaker note between 73.40 - 73.50 as greenback hold gain hit fresh one-year high against the yen over investor bets that fiscal stimulus and an aggressive vaccine rollout will help the U.S. lead a global economic recovery from COVID-19.
On Last trading session (Tuesday) , The Indian rupee fell nearly 0.95% as the dollar strengthened and U.S. bond yields rose. The steepest one-day drop since Feb. 26—took the rupee down to its weakest levels in a month. At the interbank forex market, the local unit opened at 72.85 against the greenback and traded in the range of 72.76-73.46 during the day.
NOTE : - Exporters must cover short to medium term in tranches
INTRADAY RANGE - 72.74 ( 73.04 - 73.75 ) 74.10
GLOBAL OUTLOOKS
Rising U.S. bond yields also have the greenback a boost, with the yield on the benchmark 10-year Treasury note touching a one-year high of 1.776% on Tuesday.
On Wednesday , Asian Indices on track for their first monthly loss since last October though markets were up and the U.S. dollar stood tall as investors focused on growing signs of a sure-footed global economic recovery.
GBP/USD Exchange Rate Risk-Off Markets Drive Demand for ‘Greenback’ GBP/USD exchange rate fell by -0.4% today as the safe-haven ‘Greenback’ has benefited from rising concerns about global Covid-19 infections. The pairing is currently fluctuating between $1.3700-1.3750.
CAD has lost ground for a second straight day. Currently, USD/CAD is trading at 1.2633, up 0.34% on the day. Earlier in the day, USD/CAD touched a high of 1.267375, its highest level since March 10th.
The yen will be driven by the general dollar strengthening trend, potentially rising to 113 by year-end, she added. U.S. dollar which hit a one-year high of 110.48 against the yen .
Australia's dollar edged up to $0.7611, consolidating after its drop to $0.7565 last week, the lowest level seen this year.
U.S. President Joe Biden later in the day will outline how a $3 to $4 trillion infrastructure plan will be funded. He also targeted opening the U.S. COVID-19 vaccine program to 90% of American adults by Apr. 19 earlier in the week.
Investors will watch the figures closely after the Federal Reserve cited the lackluster labor market for its continued dovish stance on interest rates. While the Fed’s stance has boosted the economic outlook, it also continues to raise inflation worries.
PayPal Holdings on Tuesday said it launched a 'checkout with crypto’ service allowing U.S. users to pay online merchants globally with the cryptocurrency.
Gold prices fell hard Tuesday, breaking beneath the $1,700 support it has held since mid-March, as rival dollar reached a key bullish level on rising U.S. bond yields.
Comentarios