INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.64 against the dollarSnapping its losing streak, the rupee acquired seven paise versus the
United States dollar on Friday, July 9, to settle at 74.64, tracking weaker American currency in the worldwide market
At the interbank foreign exchange market, the regional unit opened strong at 74.68 versus the dollar and hovered in the series of 74.57 to
74.68 throughout the session
In an early trade session, the domestic system rose 4 paise to 74.67 against the greenback
The rupee closed at 74.64 versus the American currency, signing up a gain of 7 paise over its previous close.Rupee Snaps Five-Week Fall
Against Dollar: Here's Why: The domestic currency snapped a five-week decrease driven by dollar inflows towards going publics (IPOs), while
the criteria 10-year bond yield registered its greatest weekly rise in 5 months due to concerns over inflation.This suggests that on a
weekly basis, the domestic unit got 10 paise to sign up its first weekly gain in the past six weeks
The local system had actually slipped by more than 3 per cent or 229 paise in the five weeks to July 2
A muted trend in domestic equity markets and the rising crude costs limited the gain in the domestic currency, according to forex dealers
The dollar index, which gauges the greenback's strength against a basket of six currencies, decreased 0.09 per cent to 92.32
Inflows for GR Infra tasks IPO and Clean Science and Innovation IPO which closed for membership today, helped the local unit, according to
A lot of investors wait for the online food delivery business Zomato's $1.3 billion IPO
While, India's benchmark 10-year bond yield ended at 6.19 per cent, compared to its previous close of 6.12 per cent
On the week, the yield increased 12 basis points, its greatest increase because mid-February
The nation's retail inflation for June 2021 - which will be released on Monday, July 12, may have sped up to a seven-month high due to
increasing fuel and food rates, according to a recent poll conducted by news agency Reuters
This implies that retail inflation last month remained above the Reserve Bank of India's convenience zone for the 2nd straight month
Rahul Gupta, Head Of Research Study- Currency, Emkay Global Financial Solutions: The USDINR area is not breaking the instant resistance of
For next week, the fx market focus will be on Zomato IPO and US CPI information along with fears over the international spread of delta
The Zomato IPO will open for subscription on Wednesday, and it may draw in FII's involvement
So, till the area is trading below the resistance of 74.95-75, it will be a little bearish
Just a break of 75 will push prices towards 75.25 zone, while 74.25-74 will serve as strong supports
Mr Amit Pabari, MD, CR Forex: Fundamentally, greater crude oil rates, issues over fiscal slippage, higher inflation - & enhancing United
States dollar on hawkish fed could keep the rupee's momentum on a depreciating side
In general, 74.20-74.40 is most likely to remain strong support for the USDINR set and technique would be to purchase on every dip towards
On the greater side, instant resistance lies at the 74.90-75.00 zone
If that is taken out then we might see a sharp up relocation till 75.20-75.50 levels
Anindya Banerjee, DVP, Currency Derivatives - & Rate Of Interest Derivatives at Kotak Securities: Much ado about nothing
That is precisely how USDINR fared over this week
There were some crucial occasions like hawkish minutes from US Fed causing bring trade to loosen up and trigger sell-off in equity markets
and likewise no-deal in OPEC meeting triggering volatility in oil prices
However, all of that stopped working to increase volatility in USDINR
July futures closed 0.17 per cent lower at 74.79 levels.Next week can be eventful with FPI inflows expected to get in the marquee IPO from
At the same time, CPI inflation and commercial production data will be due from India
A higher inflation print and softer industrial activity, which are expected, can be favorable for USDINR
The most significant chauffeur of USDINR will still be the trend in the United States Dollar Index and in the equity markets
Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 182.75 points or 0.35 percent lower at 52,386.19,
while the broader NSE Nifty declined 38.10 points or 0.24 per cent to 15,689.80
The equity criteria registered losses for the second straight session dragged by index heavyweights such as HDFC Bank, Reliance Industries,
Axis Bank, and Tata Consultancy Services.Shrikant Chouhan, Executive Vice President, Equity Technical Research Study at Kotak Securities:
The recently has been volatile for the traders, the week's opening was favorable but once again the marketplace took resistance near 15900/
53100 and remedied sharply
The important point is, on Thursday, it broke 15800/ 52750 short term assistance level and post breakdown, selling pressure magnified which
is broadly negative for the essential standard indices
Among Sectors, in spite of weak market conditions strong purchasing was seen in Truth and Metal stocks
Whereas, experienced revenue booking in Vehicle, PSU Banks and selective IT stocks.Sector Particular, Truth, Banking and Financial stocks
most likely to exceed in the near future
According to exchange information, the foreign institutional financiers were net sellers in the capital market on July 8 as they offloaded
shares worth Rs 554.92 crore
Brent crude futures, the global oil benchmark, rose 0.98 per cent to $ 74.85 per barrel.
