USDINR
Welcome to fresh , we are expecting USDINR is most likely to commence Monday session within 79.15 – 79.25 range as dollar hung near a three-week low as markets continued to wager that the Federal Reserve has less tightening to do with the U.S. economy at risk of recession.
On Friday, The Indian rupee firmed to a more than three-week high by as the U.S. dollar remained under pressure on bets the Federal Reserve would decelerate its pace of rate hikes after the U.S. economy unexpectedly shrunk in the June quarter. The partially convertible rupee was trading at 79.24 per dollar , its strongest level since July 7 and higher versus its close of 79.75 on Thursday.
Forex Market now shift their focus to the Reserve Bank of India's monetary policy, where chances of a 35 basis point hike seem more likely than a 50 bps hike.
India's federal fiscal deficit for the three months through June rose lower-than expected to 3.5 trillion rupees ($44.17 billion), helped by a lower spending on subsidies and higher tax collections, government data showed.
THE OIL
On Early Monday Oil prices dropped as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments.
Two of eight OPEC+ sources in a Reuters survey said a modest increase for September will be discussed at the Aug. 3 meeting, while the rest said output would likely be held steady.
The group's new secretary general Haitham al-Ghais reiterated on Sunday that Russia's membership in OPEC+ is vital for the success of the agreement, Kuwait's Alrai newspaper reported.
GLOBAL HIGHLIGHTS
Japan's July factory activity growth slows as output, new orders contract
Australia home prices slide, Sydney suffers worse month in 40 years
China Banks May Face $350 Billion in Losses From Property Crisis
USDINR TECHNICAL
Day Trend: - UPSIDE SELL
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.82 (79.43 – 79.03) 78.64
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