Rupee Gained As Government Spending To Help Support The Economy

  • Forex Analysis

# USDINR trading range for the day is 74.55-75.03.
# Rupee gained as hopes of government spending to help support the economy continued to lift investor sentiment.
# India's coronavirus-hit economy may have shrunk by as much as a fourth in the June quarter.
# The dollar edged lower as investors were relieved by a delay in the review of the U.S.-China trade pact which left the deal intact.
 
 
# EURINR trading range for the day is 88.7-89.24.
# Euro gained as the dollar edged lower as investors were relieved by a delay in the review of the U.S.-China trade pact which left the deal intact.
# Dollar dropped after a triple blow of retreating yields, soft U.S. economic data and a dip in safe-haven demand exerted broad selling pressure.
# Germany's economy is set to grow at a sharp rate in the third quarter, after a record fall in the second quarter
 
 
# GBPINR trading range for the day is 97.91-98.85.
# GBP remained supported driven by a weaker U.S. currency and Brexit trade talks to resume.
# The issue of whether London's financial sector will be able to access the European Union's market after Brexit is in focus.
# The British PM Boris Johnson has ordered the economy reopening, stating that a surge in new coronavirus cases that raised concerns two weeks ago
 
 
# JPYINR trading range for the day is 70.32-71.26.
# JPY gained as dollar seen supported after reports emerged that hedge funds and other speculators had started to short the US dollar.
# According to the Cabinet Office, the economy contracted by 7.8% in the second quarter.
# This decline was mostly because of a sharp contraction in consumer consumption.

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