Published on 1/06/2020 3:04:38 PM | Source: Kedia Advisory

USDINR trading range for the day is 75.51-76.09 - Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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* USDINR trading range for the day is 75.51-76.09.

* Rupee gained as dollar edged lower as traders attempt to weigh up the conflicting forces of a continued economic recovery.

* India may need to inject up to 1.5 trillion rupees ($19.81 billion) into its state-owned lenders.

* The capital plans were still being discussed and a final decision could be taken in the second half of the fiscal year



* EURINR trading range for the day is 83.59-84.77.

* Euro gained as the currency continued to bask in the glow of the recently announced 750 billion-euro coronavirus recovery fund amid improved risk appetite.

* The EU executive unveiled a plan to support economies hammered by the pandemic, hoping to end months of squabbling over how to fund a recovery.

* German consumer price inflation eased to the lowest since 2016, preliminary data from Destatis revealed.



* GBPINR trading range for the day is 92.87-93.89.

* GBP gained as the government continued its measures to reopen the British economy after months of a lockdown due to the coronavirus outbreak.

* Britain told the European Union it needed to break a fundamental impasse to clinch a Brexit trade deal by the end of the year.

* Britain's economy is unlikely to recover fully from the "searing experience" of the coronavirus in the next two to three years, BOE’s Michael Saunders warned.



* JPYINR trading range for the day is 70.38-71.02.

* JPY gains supported by safe-haven flows in relatively subdued trade.

* Japan’s fiscal situation will further deteriorate following the compilation of stimulus budgets as tax revenue will likely fall due to the impact of the coronavirus.

* Japan’s Aso ruled out the possibility of tax hikes to help offset a budget gap, saying Japan must revive the economy in order to retain fiscal discipline.


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