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Published on 28/05/2020 2:24:34 PM | Source: Kedia Advisory

USDINR trading range for the day is 75.66-76.1 - Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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USDINR

* USDINR trading range for the day is 75.66-76.1

* Rupee settled flat as market participants were concerned about rising tensions between the US and China amid coronavirus pandemic.

* Dollar edged higher as worries about US response to China's proposed security law for Hong Kong injected a more cautious tone into markets.

* The global growth is already in doldrums due to COVID-19, worsening relations between these two nations will further hobble growth.

 

EURINR

* EURINR trading range for the day is 82.77-84.07.

* Euro gained as the ECB is working on the contingency measures to continue the QE if the German top court forces the German central bank to quit.

* The ECB is preparing for the possibility where the German Bundesbank would be banned to participate in the QE

* In this case, the ECB is likely to take the unprecedented legal action against the Bundesbank

 

GBPINR

* GBPINR trading range for the day is 93.06-93.84.

* GBP gained on rising global growth view, EU – UK trade progress

* EU-UK trade talk optimism, progress on fishing issue may defer no-deal event

* The European Union is willing to shift its stance on fisheries in negotiations on Britain's future relationship with the EU.

 

JPYINR

* JPYINR trading range for the day is 70.21-70.71

* JPY remained in range as the US dollar slipped as risk sentiment returned to the market amid a reopening world economy, and this subdued demand for the safe-haven currency.

* Japan will compile a new $1.1 trillion stimulus package that includes significant direct spending, to stop the coronavirus pandemic.

* Japan's all industry activity declined for the second straight month in March, figures from the Ministry of Economy, Trade and Industry showed.

 

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