FX Monitor - June 4, 2020 - Geojit

- Asian equities set to extend gains as stimulus fans recovery hopes.
- US Treasury yields rose after US payrolls fell much less than expected.
- Euro near multi month high as markets bet on ECB stimulus boost.
- Saudi, Russia agree oil cuts extension, raise pressure on compliance
- Crude oil price rose, testing $40 a barrel, for the first time since March.
- Dollar Index fluctuates, last seen up 0.17%.

USDINR Outlook

Though Indian equities continued the surge, extending the gain to over 11% in just six sessions, and the reopening of economy across globe revived optimism and risk appetite, rupee remained reluctant, and gave up last few days' gain, weaker at 75.47 against the US dollar amid a mixed trend in Asian currencies. For now the 75 mark looks to be a strong hurdle to pass, a level that its haled since late April, and to this end, yesterday's weak bias is likely to continue aiming 75.6.

Source : Equity Bulls

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