Published on 29/05/2020 3:37:09 PM | Source: Kedia Advisory

USDINR trading range for the day is 75.81-76.21 - Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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* USDINR trading range for the day is 75.81-76.21

* Rupee steadied as growing optimism about economic recovery from the pandemic

* 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 83.36-83.92.

* Euro steadied after the EU commission unveiled the Next Generation EU proposals.

* The commission is expected to raise more than $826 billion to help countries recover after the pandemic.

* The proposal will find opposition with the "frugal four" countries that are opposing issuance of grants.



* GBPINR trading range for the day is 92.72-93.68.

* GBP dropped as investors' focus shifted back to the possibility of negative interest rates in Britain.

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

* The United Kingdom left the EU on Jan. 31 but the main terms of its membership remain in place during a transition period until the end of this year.



* JPYINR trading range for the day is 70.28-70.72.

* JPY remained in range after the Shinzo Abe administration unveiled another round of stimulus.

* The government said that it is compiling a second extra budget worth more than $1.1 trillion to cushion the economy from pandemic.

* That amount will bring the total stimulus offered this year to more than $2.2 trillion or almost 50% of GDP.


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