On Wednesday , Rupee likely to maintain winning momentum on commencing trade as greenback nursed losses against most currencies, undermined by concern that Republicans and Democrats are struggling to reach consensus on the next round of U.S. economic stimulus measures.
Yesterday , USDINR maintained upside sell momentum , Tuesday Range was 74.88 - 74.7050 levels , before finished at 74.74/74.75 levels.
India and the United States are closing in on a trade deal, Commerce Minister Piyush Goyal said on Tuesday, after two years of negotiations. India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sides seek to clinch a new trade accord, three sources told Reuters.
INTRADAY RANGE - 74.38 ( 74.55 - 74.73 ) 74.90
GLOBAL HIGHLIGHTS
Silver showed no signs of loss winning momentum as the metal used in jewelry to electronics added another 7% to a market that was already up 80% from the lows of March. The white metal has been on a winning streak over the past two-and-half months, gaining in nine of the past 10 weeks to culminate in its rise to above $22 per ounce from 11-year lows under $12 hit in March.Gold hit a milestone of its own on Tuesday, reaching a nine-year peak just shy of $1,845.
Asia shares were set to open lower on Wednesday after U.S. President Donald Trump's comments regarding the country's surge in novel coronavirus cases outweighed a slight rally on Wall Street.
Euro surged to a nearly 19-month high against the dollar , as of writing trading at 1.1536 levels . The EU's coronavirus recovery fund, made up of €390 billion in grants and €360 billion in loans, should prop up the euro as economic activity picks up in the bloc.
Oil settled at the highest level since early March in London as indications of an economic recovery from the coronavirus pandemic helped drive a rally in commodities.
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