On Wednesday , USDINR likely to start with weaker note despite dollar up on morning in Asia, with higher U.S. yields and rising hopes of a U.S. economic recovery from COVID-19 l supporting the greenback. The rupee gained by 13 pips - or 0.17 per cent - to close at 74.77 on Tuesday, amid strength in domestic equity markets.
At the current level, the rupee has recovered 2.78 per cent against the US currency since an all-time low of 76.91 registered in April, but is still down 4.78 per cent so far this year.
India's retail inflation edged up slightly in July due to higher food prices, remaining firmly above the RBI's medium-term target of 4% for a 10th straight month, a Reuters poll showed.
India's supply of antiviral drug remdesivir and generic equivalents is stabilising after shortages of the vital COVID-19 medicine at hospitals, according to a top executive at one of the country's big drugmakers, Cipla Ltd.
INTRADAY RANGE - 74.32 ( 74.53 - 74.75 ) 74.88
GLOBAL HIGHLIGHTS
Gold plunged more than 5% in running week as demand for safe-haven fell following positive vaccine news and ongoing hopes for another road of fiscal stimulus, with analysts warning the correction could continue for a while.Gold was down $153, or 5.97%, to $1,897.45, its biggest pullback in seven years.
President Vladimir Putin said on Tuesday that Russia had become the first country to grant regulatory approval to a COVID-19 vaccine after less than two months of human testing, a move Moscow likened to its success in the Cold War-era space race.
10-year U.S. debt yields saw their biggest gains in two months on Tuesday, attracting Japanese investors, ahead of a massive $38 billion auction later in the day.
Democrat Joe Biden chooses Senator Kamala Harris for White House running mate.
MAJOR FX INTRADAY RANGE
EUR/USD - UPSIDE SELL
(1.1780 - 1.1694) 1.1643
GBP/USD - UPSIDE SELL
(1.3084 - 1.2996)1.2910
USD/JPY - BUY ON DIP
107.66 (106.88 - 106.10)105.32
DOLLAR INDEX - BUY ON DIP
94.53 ( 93.93 - 93.34 )
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