We are expecting , USDINR likely to start Wednesday trading with firm note as investors taking off risker bet ahead of US election looms. The pair is near support levels that will give some bids. Importers must cover short term position as well as Exporters protect there position thru weekly option strategy.
On Tuesday , Interbank market, USDINR opened weak at 73.94/95, showing a fall of 9 pips over its previous close. Rupee ended at day's high at 73.71/72 per dollar as seen recovery in domestic equity market.
Facebook Inc's top India lobbyist Ankhi Das has quit, months after a newspaper report suggested the way the social media network regulated political content in its biggest market by users favoured Prime Minister Narendra Modi's ruling party.
Finance Minister Nirmala Sitharaman on Tuesday said that demand for consumer goods has picked up during the festival season, which runs from October to March, and could help revive the economy.
INTRADAY RANGE - 73.32 ( 73.54 - 73.82 ) 74.08
GLOBAL OUTLOOKS
Greenback up on early morning in Asia, but investors are avoiding big moves and risks ahead of the U.S. presidential election on Nov. 3. In Europe, reports that France could reintroduce a national lockdown to curb the spread of COVID-19 sent the Euro tumbling against the dollar.
Despite its gains, sentiment for the greenback showed signs of turning bearish, with the election less than a week away.
The dollar received an additional blow after Trump admitted that it was unlikely that Congress would pass the latest stimulus measures before the election
U.S. polls show that Democrat candidate Joe Biden is ahead of incumbent President Donald Trump, but memories of Trump’s surprise victory four years ago has some investors wary of predicting the election outcome.
The AUD’s gains were capped by data showing that Australia’s Consumer Price Index (CPI) rose 1.6% quarter-on-quarter during the previous quarter, higher than the 1.5% predicted in forecasts prepared by Investing.com. The Reserve Bank of Australia is also tipped to announce lower interest rates and increased government debt purchases after its next meeting on Nov. 3.
Investors are keeping an eye on the negotiations for a last-hour Brexit trade deal between the U.K. and the European Union, with the pound likely to be supported by increased hopes of a deal being reached between the two parties.
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