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WEDNESDAY - USDINR & GOLD UP ON COVID19 !!

Updated: Jul 22, 2020

On Wednesday , Indian Rupee likely to start with range bound but sentiment is mildly negative as greenback held onto gains as a resurgence of the corona-virus in the USA and the return of lock downs in some countries boosted safe-haven demand. On Yesterday , USDINR was getting strong bids on lower levels, Intraday range was 74.6575 - 74.9775 before finished at 74.94/95 levels.

  • India's Sovereign Pharma said it has dispatched the first batch of generic remdesivir for drugmaker Cipla Ltd, as the country recorded more than 22,000 new coronavirus cases on Tuesday.

  • The World Health Organization on Tuesday acknowledged "evidence emerging" of the airborne spread of the novel coronavirus, after a group of scientists urged the global body to update its guidance on how the respiratory disease passes between people.

INTRADAY RANGE - 74.43 ( 74.75 - 75.07 ) 75.27


GLOBAL HIGHLIGHTS

  • U.S. gold futures for August delivery on Comex settled up $16.40, or 0.9%, at $1,809.90. It marked the second settlement above $1,800 for Comex’s benchmark gold futures contract, after it broke above that level on June 30, for the first time in nearly nine years.

  • Equities weakened and U.S. Treasury yields edged lower as the number of confirmed corona virus cases in the United States pushed past 3 million.

  • Brazilian President Jair Bolsonaro, who had downplayed the virus for months, had tested positive now.

  • Three Fed officials expressed concern that the surge in infections threatens to pinch consumer spending and job gains just as some stimulus program are set to expire.

  • The pound was near three-week highs against both the greenback and the common currency after British Prime Minister Boris Johnson reiterated his commitment to reaching an early trade deal with the European Union.

  • The yuan, which rallied against the dollar this week, stood at 7.0241 in offshore trade , down from an almost four-month high reached on Tuesday.

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