On Wednesday , USDINR likely to start with positive note despite greenback was down on morning in Asia over continuous investor worries over the U.S. economic recovery that capped the greenback’s gains. Yesterday , Pair was Sharp recovered from intraday lows , day range was 74.71 - 74.9150 , before finished at 74.84 / 85 levels.
Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said.
Malaysia's former leader, Najib Razak, was found guilty of corruption and sentenced to 12 years in jail on Tuesday in the first trial over a multi-billion-dollar scandal at state fund 1MDB that stretched to the Gulf states and Hollywood.
INTRADAY RANGE - 74.56 ( 74.75 - 74.97 ) 75.18
GLOBAL HIGHLIGHTS
The Fed is scheduled to convene later in the day and is widely expected to retain its dovish stance as the economy continues to be impacted by COViD-19.
The meeting is expected to conclude with policymakers voting to keep rates unchanged. Against the backdrop of rising coronavirus cases that threaten the economic outlook.
Republicans and Democrats continue to wrestle over the latest COVID-19 stimulus measures, with some Republicans opposed to even their own party’s proposed $1 trillion proposal. Investors will be watching to see whether a consensus can be reached before some measures expire on Friday.
Australian consumer prices fell by a record last quarter as the coronavirus crisis caused one-off slides in the cost of child care and petrol, dealing a damaging setback to years of progress toward higher inflation.
The consumer price index (CPI) dived 1.9% in the second quarter, from the first, causing annual prices to drop 0.3% in the first negative reading since 1998. Forecasts were for a fall of 2.0% and 0.4%, respectively.
The RBA is concerned that a run of low readings will drag down expectations of future inflation, lowering wage growth and making it harder to get prices back up.
The Japanese government will forecast real gross domestic product (GDP) contracted around 4.5% for the fiscal year to March 2021, revising its pre-coronavirus projection for a 1.4% expansion, the Nikkei business daily reported on Wednesday.
The Oil Price saw gains on the back of the API recording a larger than expected draw in inventories in the U.S on Tuesday. There was a 6.829 million barrel draw last week, higher than the forecast of a 1.2-million-barrel draw.
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