USDINR
On Starting of truncated week , Indian rupee seems commence Monday session with weaker note between 74.60 – 74.70 levels against greenback as US dollar hovering around near its highest levels in months as the spread of the Delta coronavirus variant made investors nervous about the global recovery and sent money into safety.
India's crude oil imports in June fell to their lowest in nine months, as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed coronavirus lockdowns in the previous two months.
June India imports fall about 7% on-month to 3.9 mln bpd.
High fuel inventories curb India's crude imports.
April-June imports rise 11.7% year-on-year.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 75.03 (74.85 – 74.52) 74.35
NEW INFECTION
Daily infections have been surging from the United States and Europe to Asia and the global seven-day average of new cases each day is over half a million for the first time since May. Traders are holding their breath as England lifts most social curbs.
The Netherlands relaxed all restrictions and saw cases soar from 500 to 10,000 per day in two weeks, and the government has had to reverse course and is now waiting nervously to see what happens to hospitalizations.
OIL
On Monday, Oil prices slipped more than $1 a barrel as OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries.
U.S. investment bank said it remained bullish on the outlook for oil and the agreement was in line its view that producers "should focus on maintaining a tight physical market all the while guiding for higher future capacity and disincentivizing competing investments.
INDICES
Early morning on Monday , Asia Pacific Indices were down, trading below to a one-week low, as continuing concerns about the impact of continuously rising COVID-19 cases, alongside inflationary pressures, on the global economic recovery dampened investor sentiment:-
Japan’s Nikkei 225 fell 1.28%
South Korea’s KOSPI fell 1.07%.
Australia, the ASX 200 fell 0.85%.
Hong Kong’s Hang Seng Index slid 2.27%.
China’s Shanghai Composite was down 0.64%
The Shenzhen Component was down 0.50%.
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