USDINR
On Friday, The Rupee showed signs of some recovery against the greenback as the dollar fell across the board, ceding ground gained in recent sessions as firmer risk sentiment prompted investors to reach for higher-yielding currencies. We are expecting that USDINR commences sessions between 77.40 – 77.50 levels.
THE +OPEC
OPEC+ said it had agreed to boost output by 648,000 barrels per day in July - or 0.7% of global demand - and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.
Saudi Arabia and other OPEC+ states agreed to bring forward oil production rise to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.
Oil rose on the news to $117 a barrel as analysts said the real production boost will be insignificant as most OPEC members except for Saudi Arabia and the United Arab Emirates are already pumping at capacity. Earlier this year, oil came close to an all-time peak of $147 hit in 2008.
THE RISKIER FX
The Australian and the New Zealand dollars, advanced against their U.S. counterpart, rising 1.17% and 1.20%, respectively.
THE SWITZERLAND
Switzerland becoming the latest country to be hit by more expensive fuel and food costs plaguing economies around the world. The Swiss franc was 0.5% higher against the dollar after Swiss prices increased by the most in 14 years in May.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 77.68 (77.58 – 77.38) 77.08
Comments