Monday, 29 June 2020
Our View in a Snapshot
|Expected Open||10300 ( – 50 )||75.60|
|Expected Range||10200 – 10450||75.40 – 75.75|
- Safety bid supports dollar as coronavirus surge shakes confidence
- Asia stocks slip as coronavirus cases surge
- Oil falls in second straight session as virus cools demand
A firm dollar kept riskier currencies under pressure on Monday, as a surge in coronavirus cases and the re-imposition of curbs to stop its spread had investors worried that a global economic recovery could be derailed even before it had taken root.
Against a basket of currencies the dollar was steady not far below a four-week peak on Monday at 97.466. The safe-haven Japanese yen also held at 107.24 per dollar. The Aussie was last steady at $0.6872 and the kiwi at $0.6420
Sterling nursed losses and sat at $1.2341, just a fraction above a one-month low it hit on Friday amid fresh doubts over whether Britain can settle a post-Brexit trade pact with the European Union.
Our View on USD / INR
The rupee will likely be quoted around 75.60 to a dollar in early trades.
The Rupee is likely to trade in the Range of 75.40 to 75.75
Asian share markets got off to a shaky start on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the U.S. dollar.
AMSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%. Japan’s Nikkei shed 1.5% and South Korean stocks 1.4%. E-Mini futures for the S&P 500 lost 0.3%.
Our View on Stock Market
The Indian stock market is expected to open negative around 40 to 50 points from friday close.
The Nifty futures are likely to open around 10,300.
The likely range for the day is 10,200 – 10,450
Oil prices fell for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel demand.
Brent crude dropped 66 cents, or 1.6%, to $40.36 a barrel while U.S. crude was at $37.86, down 63 cents, or 1.6%.
Source : Reuters