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Reliance Securities Report
The Indian rupee appreciated on Tuesday against the U.S. dollar as encouraging updates on a possible coronavirus vaccine reinforced expectations of a quick economic rebound and boosted appetite for risk assets.
The rupee ended at 74.75 to the dollar on Tuesday compared with 74.92 on Monday. Hopes of another U.S. fiscal stimulus package, and European leaders reaching an agreement for a common recovery fund added to the positive sentiment.
Most Asian currencies ended stronger against the dollar and lifted sentiments. The benchmark Bombay Stock Exchange (BSE) Sensex and the broader National Stock Exchange (NSE) Index ended 1.37% and 1.27% higher, respectively. The one year forward premium was at 2.91 paise, against 2.87 paise in the previous session.
U.S. dollar tumbled against the basket of currencies on Tuesday amid improved risk appetite on the back of the European Union (EU) deal. The Euro rose against the U.S. dollar on Tuesday and scaled to its highest against the Greenback since January 2019, after European Union countries reached an accord on a massive stimulus plan to revive their economies that have been mired in a Covid-19-induced slump.
The sterling rose against the U.S. dollar on Tuesday for the third straight session on Tuesday, touching a six-week high above 1.27 U.S.dollar as market optimism over a potential coronavirus vaccine and an EU agreement on a recovery fund outweighed concerns about the United Kingdom economy. The currency had enjoyed its best day in three weeks on Monday despite poor U.K. economic data and a lack of concrete progress on Brexit trade talks. The Yen appreciated against the U.S. dollar on Tuesday.
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