USDINR
On Tuesday, The Domestic unit (Rupee) likely to commence with firm note between 74.28 – 74.38 as greenback dipped against major currencies, after hitting a speed bump when last week's mixed bag of U.S. labor data allayed investor fears about a faster end to monetary stimulus.
India's dominant services sector contracted sharply in June as tighter restrictions to contain a resurgence of coronavirus cases hammered demand and forced firms to shed jobs at a rapid clip.
Paytm's proposed $2.3 billion IPO will make it India's third-biggest public listing in dollar terms after state-run miner Coal India in 2010 and Reliance Power in 2008.
Day Trend: - BUY ON DIP.
INTRADAY RANGE – 73.92 (74.18 – 74.44) 74.70
EURUSD
EURUSD is bearish on the long-term outlook. The bears’ pressure increase further and this led to the further decrease of the EUROS. The fall of EURUSD is due to the increase in the strength of US Dollar. The currency pair decreases to the support level at $1.18, it penetrates the level and the price decreases towards the support level of $1.17.
OIL PRICE
The OPEC+ talks collapsed on Monday as the United Arab Emirates (UAE) seeks to increase supply against Saudi Arabia's proposal to keep a tight lid on production, and the cartel has yet to agree on a date for its next meeting.
On the demand front, the economic recovery from COVID-19 in key markets, including China and the U.S., is boosting fuel demand and draining inventory build-up. The American Petroleum Institute (API) in June urged the OPEC+ to keep market balances amid an increasing fuel demand worldwide.
On the supply side, the market will now not expect an output increase in August and the market will be short of barrels amid the economic rebound from COVID-19 globally.
ASIAN INDICES
Japan’s Nikkei 225 was trading with firm note 0.35%.
South Korea’s KOSPI gained 0.36%.
Australia, the ASX 200 slips -0.13 ahead of the Reserve Bank of Australia policy decision, due later in the day.
Hong Kong’s Hang Seng Index edged down 0.72%.
China’s Shanghai Composite down -0.80% while the Shenzhen Component trying to recover but trading down 0.16%.
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