USDINR
On Thursday, The Rupee is most likely to commence firm against greenback at 78.95 – 79.05 levels as India’s central bank took a slew of measures on Wednesday to boost foreign exchange inflows, including allowing overseas investors to buy short-term corporate debt and opening of more government securities under the fully accessible route.
On Wednesday, Indian shares posted their best session in two weeks as finance and consumer goods stocks gained, with an overnight slide in crude prices soothing some inflation worries.
India's palm oil imports in July are set to jump to the highest in 10 months because of a hefty correction in prices and as Indonesia allows more exports of the tropical oil, four dealers told Reuters. India's palm oil imports in July may rise to 700,000 to 800,000 tonnes, the highest since September 2021.
THE US DOLLAR
The dollar rose to fresh 20-year highs on Thursday early Asian session as The dollar has strengthened as energy prices are high and the Federal Reserve has been raising interest rates more quickly than most other central banks.
THE STERLING
The pound bounced, albeit weakly, as beleaguered Prime Minister Boris Johnson clung to power in the wake of a fresh scandal over his stewardship of the Conservative Party. Repeating what has become a routine occurrence in the last few months; Johnson rejected calls to step down, pointing to the fact that he still commands a sizeable majority in the House after his 2019 election victory.
THE OIL
On early Thursday, Oil prices slipped after hitting a nearly three-month low during the previous session, as fears of a potential global recession spurred concerns about oil demand.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 79.42 (79.26 – 78.88) 78.69
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