USDINR
On Thursday, We are expecting the domestic unit (Rupee) most likely to commence the session with a firm note between 74.48 – 74.58 levels as the greenback pulled back from more than three-month highs as risk appetite made a comeback with stocks higher, although investors remained cautious amid inflation fears and concerns about the highly-contagious coronavirus variant.
On Tuesday, India's government sought parliament's approval for 236.75 billion rupees in additional spending, including 107.3 billion rupees for a rural jobs programme in the current fiscal year ending in March 2022.
An 11-year-old boy has died in India from a bird flu virus of the H5N1 strain, the first such fatality in the country, highlighting a potential new risk for the world's second-most populous nation battling the coronavirus pandemic.
Day Trend: - UPSIDE SELL
INTRADAY RANGE – 75.19 ( 74.77 – 74.35 ) 73.93
NEW INFECTION
Global cases involving the Delta variant have also surged in recent weeks, prompting some countries, including Australia and South Korea, to reintroduce restrictive measures. The United Kingdom on Saturday reported the highest number of daily Covid-19 cases since Jan 2021.
OIL UP
Despite stockpiles up Oil prices jumped 5%, rising even after a surprise build in crude stockpiles that snapped eight weeks of declines, as bulls seized back control of a market that plunged earlier in the week.
Crude inventories rose by 2.108 million barrels during the week ended July 16, the Energy Information Administration said, wrong-footing analysts who had expected a draw of 4.466 million barrels.
INDICES
South Korea’s KOSPI up by +0.93% by 10:50 PM ET.
Australia, the ASX 200 gained +0.90% with the state of Queensland closing its border with New South Wales to curb the spread of Sydney’s COVID-19 outbreak.
Hong Kong’s Hang Seng Index is up by +1.88%.
China’s Shanghai Composite edged up 0.21% and the Shenzhen Component edged up 0.04%.
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