Since March 2020, the Indian rupee was around 74.59 against the American Dollars, but today it has surged by 42 paise and cross the 75 marks and settled at 75.02. This is primarily due to the high hopes over coronavirus vaccine, effective gains in the domestic equities, and poor performance of the American dollars. Numerous broker agencies state that this surge has also happened due to the positive outcomes over the China tensions, good outcomes of the equity market, and high recovery rate from the potential COVID-19 vaccine.
Moreover, the dollar index, which tends to gauge the greenback’s strength against six different currencies, was down by 0.05%, and the current rate is 97.26. No significant economic data is expected to get released, but the sustenance of the dollar inflows helped the Indian rupee move higher rank against the U.S Dollars. In the American economy, the unemployment rate is also decreasing day by day. In June, nearly 4.8 million people got jobs against the previous 2.6 million mark. Consequently, this reveals that unemployment fell from 13.3% to 11.1% in June.
Various broker agencies in India expect that the currency’s volatility may remain at a higher rank, and it could quote between 74.40 and 75.05 marks. From today all the Eurozone will tend to give more focus on the services of the PMI number. On the current basis, the major crosses will be expected to remain low as the U.S markets are shut down due to Independence Day.