USDINR
The Domestic unit ( Rupee ) likely to commence Thursday session with weaker note between 74.73 – 74.83 levels as greenback near its highest in three months after minutes of the Federal Reserve's June policy meeting confirmed that is moving toward tapering its asset purchases as soon as this year.
Dilip Kumar, who won worldwide fame playing tragic heroes in Bollywood films, died on Wednesday aged 98 and was cremated with state honors in India.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 75.02 (74.85 – 74.59) 74.38
FOMC MEETING
According to the minutes of the FOMC June policy meeting, Fed officials said substantial further progress on economic recovery "was generally seen as not having yet been met," although participants expected progress to continue and agreed they must be ready to act if inflation or other risks materialize.
ECB
European Central Bank President Christine Lagarde will hold a press conference after the monetary authority announces the outcome of an 18-month strategy review, which is likely to include a shift in the inflation target to 2% from "below but close to 2%" currently - which would theoretically allow for inflation overshoots.
OIL PRICE
On Thursday, Oil slipped early morning in Asia for a third straight session as investors are keeping an eye on the on-going production dispute between Saudi Arabia and the United Arab Emirates (UAE) that affects global fuel supply.
ASIAN INDICES
Japan’s Nikkei 225 fell 0.60%, ahead of a decision on declaring a fresh state of emergency in the country due later in the day. Japanese economy minister Yasutoshi Nishimura told an advisory panel on Thursday that the move, covering Tokyo, would be in place from Jul. 12 to Aug. 22.
South Korea’s KOSPI slipped 0.81%. The country reported 1,275 daily COVID-19 cases as of Jul. 8, with the number exceeding the record set in December 2020.
The ASX 200 was up 0.22%.
Hong Kong’s Hang Seng Index slid 1.75%.
China’s Shanghai Composite was down 0.45%.
The Shenzhen Component was gained 0.09%.
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