ON WEDNESDAY - Rupee likely to start with weaker note as dollar rise on safe haven , demand , Indo - china standoff persist as well as Indian 10 year govt bond yields up, trading at 6.05 after 7 days sell off. Yesterday , USDINR traded between 73.63 - 73.3850, before finished at 73.59/60 levels.
India's economy is projected to contract 11.8% on the year in the current fiscal year beginning from April, before bouncing back in the next fiscal year, India Ratings and Research, a domestic arm of ratings agency Fitch, said on Tuesday.
Banks in Madhya Pradesh are scrambling to boost lending to street vendors in a bid to bolster numbers ahead of a visit this week by Prime Minister Narendra Modi, according to sources and letters seen by Reuters.
India and China have accused each other of firing in the air during a new confrontation on their border in the western Himalayas, in a further escalation of military tension between the nuclear-armed nations.
INTRADAY RANGE - 73.30 ( 73.54 - 73.85 ) 74.03
GLOBAL OUTLOOKS
The dollar up on early Asian session, clinging onto gains after U.S. markets saw a second rout in tech stocks in less than a week, giving the dollar a boost.
Asian stocks were down on Wednesday morning, with investors inspecting the damage after U.S. markets saw a second rout in U.S. tech stocks in less than a week during the previous session.
Investors are looking out for the U.K.’s blueprint laying out the terms life post-Brexit, expected later in the day. But fears over an amicable divorce between the two have mounted as the blueprint involves publishing legislation that reportedly breaks international law “in a limited way”, potentially souring talks and increasing the likelihood of a no-deal Brexit.
Oil extended its biggest decline in almost three months as increasing doubts over the strength of a demand recovery and falling equities soured market sentiment.
Futures in New York fell 1.2%, after plunging 7.6% on Tuesday as Brent crude settled below $40 a barrel for the first time since June 15.
Market signals point to more downside risk for oil prices. The difference between the two nearest December contracts -- a closely watched gauge of market strength -- weakened for both Brent and WTI to their largest contango structure since May, pointing to concerns of oversupply.
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