The Rupee closed stronger and breached the psychological 73.00 mark on early trade on Thursday as markets cheered likelihood of a large economic package by the newly-inaugurated US President Joe Biden to boost growth wrecked by the COVID-19 pandemic. The temporary hold by the government on farm bills would also contribute to soothing of the industry. Abundant liquidity in the global financial system has buoyed the prospects of continued foreign fund inflows into Indian assets in recent months. On Wednesday, the RBI was speculated to have purchased dollars , albeint in the forward and Futures market, absorbing dollar inflows on account of subscription to ongoing IPOs by a couple of Indian companies. Biden was sworn in as the 46th president of the US on Wednesday, at a time when the US economy is reeling under pressure from the pandemic and fresh coronavirus cases are still on a dramatic rise.......
Asian indices rose today following an overnight rise in the US stock indices as global markets turned optimistic over the US government's stimulus package.With Joseph Biden taking charge as the 46th President of the US, participants were hopeful that the new administration would step up federal spending to revive the economy and bolster corporate earnings.The Asian indices also drew comfort from upbeat corporate earnings in the US and the Europe as Morgan Stanley posted a record full-year result. In Europe, the earnings of ASML--the Dutch chip equipment maker--and Swiss luxury group Richemont on Wednesday boosted sentiment of the investors. Amid the optimism surrounding the stimulus and upbeat corporate earnings, participants were watchful as to what would be the first steps of Biden administration as the President looks to help the US economy recover from the downturn caused by the coronavirus pandemic. Investors' will also focus on the first monetary policies of the year by the Japanese central bank and the European Central Bank, as coronavirus cases continue to see a fresh surge.......