USDINR
On Friday, We are expecting that USDINR commence session with firm note between 74.50 – 74.60 levels as greenback headed for its best weekly gain in about a month, supported by buying on investor worries about quicker U.S. interest rate increases and by rising virus infections.
The Reserve Bank of India said a gradual decline in India's second wave of COVID-19 infections and an aggressive vaccination push has brightened the near-term prospects for the economy.
The home ministry flagged the increase in the infective rate as a cause for concern in some states, urging officials nationwide to enforce social distancing and clamp down on overcrowding at tourist sites.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 74.69 ( 74.60 – 74.51 ) 74.42
KIWI
The kiwi was the biggest mover amongst majors in morning trade, and was last up 0.4% at $0.7003, after consumer prices rose far faster than expected at a decade-high pace of 1.3% for the June quarter and 3.3% for the year.
The reading has brought forward rate hike expectations to next month, with markets now pricing an 86% chance the Reserve Bank of New Zealand becomes the first developed-market central bank to exit from emergency policy settings.
AUSTRIA
Cash is occasionally a topic of political debate in Austria, where the far-right Freedom Party (FPO) has long called for the right to use cash to be inscribed in the constitution. Many restaurants and bars still do not accept card payments.
On Thursday, Austria reinforced its status as one of Europe's most cash-loving countries by saying it opposed a plan by the European Commission to cap cash payments at 10,000 euros.
OIL PRICE
Investor worries on OPEC+ will do for August production and the likely impact of the Covid Delta variant in the coming months on oil demand sent crude prices down hard for a second day.
The OPEC , Saudi Arabia and the UAE appeared to be near in on an agreement on August production. But the deal still needs to be ratified by the enlarged 23-nation OPEC+ alliance that groups the 13-member Saudi-led Organization of the Petroleum Exporting Countries with 10 assorted producers led by Russia.
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