USDINR
On Friday, The domestic unit (Rupee) is likely to commence in range-bound between 77.55 – 77.65 level against the greenback despite the dollar index edged lower in the early Asian session as markets considered whether the Federal Reserve might slow or even pause its tightening cycle in the second half of the year, which would weaken the allure of the safe-haven currency.
India does not plan to curb rice exports as the world's biggest exporter of the staple has sufficient stocks and local rates are lower than state-set support prices, trade and government sources said.
Indian shares bucked broader market weakness to end higher on Thursday as investors picked up beaten-down financial and metal stocks after three straight sessions of losses.
THE OIL
Oil prices climbed about 3% to a two-month high overnight on signs of tight supply ahead of the U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
THE DOLLAR INDEX
The dollar index reached a nearly two-decade peak above 105 earlier this month but signs that aggressive Fed action may already be slowing economic growth have prompted traders to scale back tightening bets, with Treasury yields also dropping from multi-year highs.
THE CABLE
Sterling briefly rose to a three-week high of $1.2619 ahead of an expected announcement from British Chancellor Rishi Sunak on a package of measures to help consumers cope with rising energy bills.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 77.81 (77.66 – 77.52) 77.37
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