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Daily Report

2020-08-05 /WEDNESDAY

The dollar was under pressure in Asian Market opening trades today, from a towering euro and crumbling U.S. yields, as the latest coronavirus relief package got bogged down in Congress and investors braced for a bumpy ride to economic repair. A hardening perception that the U.S. rebound is lagging Europe has buttressed the common currency just below a two-year high, helping it repel a bounce in the dollar this week. Failure to agree a fiscal package has pushed back the U.S. dollar. So, if they agree something in the next few days, we may see the dollar bouncing back, but even if we get another leg to it, there is sure to be dollar weakness for the rest of the year. White House negotiators on Tuesday vowed to work “around the clock” with congressional Democrats to try to reach a deal on coronavirus relief by the end of this week. But lawmakers have allowed a $600-a-week unemployment benefit to lapse while they remain at loggerheads and the two sides still seem far apart. Treasury Secretary Steven Mnuchin warned that “we’re not going anywhere close” to the $3.4 trillion that Democrats have been seeking. In currencies today, The Japanese yen rose to 105.66 per dollar and gold soared above $2,000 an ounce as the bond market\'s dim view of the U.S. recovery sent real yields further into negative territory and nominal yields close to record lows. The euro last sat at $1.1812 after twice testing support around $1.17, as focus turns to U.S. private jobs data due later in the day and the Washington stalemate while the pound was up by 0.19% at 1.3086.  The Indian Rupee opened stronger with a gap of almost 12 paise at 74.93/94 against its previous session’s close of 75.05/06 and is expected to trade in a range between 74.80 – 75.10 today.
Dollar Rupee



INR Rates

Symbol   Bid  ASK
USD74.63 74.64
GBP93.16063 93.19048
EUR83.94382 83.95875
JPY0.6941 0.69423
CHF78.89006 78.91509
AUD51.77083 51.84546
SGD53.47904 53.51739
CAD55.08562 55.09782
NZD48.74832 48.78563
*Closing Rates on : 2020-07-04

Stock Indices

BSE Sensex37663.33-24.58
S&P CNX Nifty11101.656.4
DJ IA27084.06255.59
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