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Published on 9/07/2020 11:06:10 AM | Source: Kedia Advisory

USDINR trading range for the day is 74.87-75.41 - Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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USDINR

* USDINR trading range for the day is 74.87-75.41.
* USDINR gained as a resurgence of coronavirus cases threatened a return of lockdown restrictions
* The Reserve Bank of India has accumulated so many dollars recently that it’s having a knock-on impact on the nation’s sovereign debt market.
* India’s manufacturing activity contracted for a third straight month in June, albeit at a much shallower pace
 

EURINR

* EURINR trading range for the day is 84.41-85.11.
* Euro remained in range as a resurgence of coronavirus and the return of lockdowns in some countries
* Eurozone is set to undergo an even deeper recession due to the coronavirus pandemic despite measures taken at both EU and national levels
* After lockdown restrictions were eased, Germany's industrial production grew for the first time in three months in May

GBPINR

* GBPINR trading range for the day is 93.91-94.59.
* GBP gained after British Prime Minister Boris Johnson reiterated his commitment to reaching an early trade deal with the European Union.
* However, some remain reluctant to buy the pound because there is still a risk that trade talks could fail to yield an agreement.
* Investors are also awaiting details of the government's plans to support the British economy

JPYINR

* JPYINR trading range for the day is 69.58-70.16.
* JPY recovered on short covering after pressure seen as traders reacted to the weak household income and expenditure survey.
* Bank lending rises 6.2% yr/yr in June vs +4.8% in May
* Deposits at banks also surge as BOJ pumps more cash

 

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