On Wednesday , The domestic unit ( Rupee) likely to commence trading with weaker note as greenback is supported by rising Treasury yields, which should help the dollar make another push higher before year’s end.
On Last trading session USDINR started firm note at 74.05/06 after previous day closing at 74.14/15 levels. Intraday USDINR getting regular bids till day high 74.2950/3050 levels before finished at 74.18/19 level. Intraday low was 74.0250/74.0350.
India's retail inflation likely stayed above 7% for a second straight month in October as supply distortions led to a surge in vegetable prices, especially of onions, a Reuters poll showed, lowering the chances of further interest rate cuts.
Many COVID-19 survivors are likely to be at greater risk of developing mental illness, psychiatrists said on Monday, after a large study found 20% of those infected with the coronavirus are diagnosed with a psychiatric disorder within 90 days.
INTRADAY RANGE - 73.85 ( 74.02 - 74.35 ) 74.62
GLOBAL HIGHLIGHTS
The dollar corrected on Wednesday morning in Asia, with a new surge of U.S. COVID-19 cases and questions over how a COVID-19 vaccine will be delivered tempering optimism from earlier in the week that a vaccine would become available quickly.
A continuing second wave of COVID-19 cases in the U.S. saw some states impose restrictions with the advent of winter in the Northern Hemisphere bringing colder weather and worries over soaring hospitalizations. Of the over 51 million global cases recorded as of Nov. 11, over 10.2 million cases are U.S. cases, according to data from Johns Hopkins University.
The Reserve Bank of New Zealand left its interest rate unchanged at 0.25%, conforming to expectations as it met earlier in the day. Investors’ focus had been on whether the central bank would adopt negative rates.
The pound had hovered near a two-month high over hopes that the U.K. and the European Union will soon reach consensus on their long-awaited Brexit trade deal. The two sides continue talks that began on Monday in London.
Crude Oil extended gains toward $42 a barrel after an industry reported pointed to a bigger-than-expected decline in U.S. crude stockpiles, adding to bullish momentum after a vaccine breakthrough.
The number of suicides in Japan rose in October for the fourth month in a row to the highest level in more than five years, data showed on Tuesday, a trend activists have blamed on the economic impact of the coronavirus, on women in particular.
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