Globally
GBP/USD recovered a bit after the release of UK retail sales numbers. UK retail
sales rebounded sharply by 12% on a lower base. China kept its monetary policy
stance unchanged with 1 year lending rate at 3.85%.
On domestic front, Prime Minister, Modi tried to mellow down tension b/w India and China with ambiguous remarks at all party meet. It seems that tension b/w two Asian giants should gradually reduce in coming weeks. Nifty index surged to 10385 levels, led by gains in Glenmark Pharma, which received approval for coronavirus drug. USDINR pair is trading flat near 76.15. USDINR pair has support at 75.80 and resistance near 76.35.
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