USDINR
On Friday, USDINR most likely to commence session between 79.85 – 79.95 levels as U.S. dollar edged lower while the euro bounced in last trading session as ECB hike interest rate by 50 bps, with risk sentiment boosted by the resumption of Russian gas flows to Western Europe.
On Thursday USDINR was trading just shy of its lifetime low hit earlier this week, tracking losses in most other Asian peers but traders expect dollar-selling intervention by the central bank to limit losses.
The Indian economy is expected to expand 7% in fiscal 2022/23, slower than a previous estimate of 7.4% and the central bank's 7.2% projection, according to a survey by Federation of Indian Chambers of Commerce and Industry's.
THE ECB
The ECB said it will increase the rate on its deposit facility, which provides the effective floor to euro money market rates, by 50 basis points to 0%, ending a nine-year experiment with negative official interest rates. The refinancing rate and the marginal lending rate will also rise by 50 basis points respectively to 0.5% and 0.75%.
UKRAIN – RUSSIA
Russia and Ukraine will sign a deal on Friday to reopen Ukraine's Black Sea ports to grain exports, Turkey said, a hopeful sign that an international food crisis caused by Russia's invasion could be eased.
THE OIL PRICE
On Friday, The Oil prices were mostly unchanged in early trading after sliding around 3% in the previous session on weakened demand in the United States, the world's top oil consumer, and a pick-up in supply from Libya.
GLOBAL OTHER HIGHLIGHTS
France sees slower growth stalling deficit reduction in 2023
Japan's July factory activity growth slows to 10-month low - flash PMI
Sri Lanka gets new president in six-time PM Wickreme singhe
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 80.14 (80.00 – 79.85) 79.71
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