TUESDAY FX OUTLOOKS:- RUPEE FIRM, GOLD DOWN, DOLLAR MUTE, TURKEY & SPAIN ELECTION!!

USDINR

On Tuesday, USDINR likely to commence between 82.55 – 82.65 levels as dollar nudged down pulling back from six-month peaks as a U.S. debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

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USDINR TECHNICAL

Day Trend: - UPSIDE SELL

Weekly Trend: - UPSIDE SELL

INTRADAY RANGE – 82.88 (82.71 – 82.54) 82.37

THE SPAIN ELECTION

On Monday, Spanish Prime Minister Pedro Sanchez said polling would take place on July 23 after his left-wing coalition government suffered heavy losses in regional ballots on Sunday.

THE US GOVT DEBT

U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote.

THE TURKEY

Turkish lira touched a record low at 20.10 per dollar after President Tayyip Erdogan secured victory in the country's presidential election on Sunday, extending his increasingly authoritarian rule into a third decade.

THE GOLD

On Tuesday, Gold prices fell slightly sticking to more than two-month lows amid optimism over a debt ceiling deal and as expectations of more interest rate hikes by the Federal Reserve spurred flows into the dollar.