USDINR
On Friday, the last session of the week The Indian Rupee most likely to commence 73.75 – 73.85 levels as US 10 year yields jump 1.64% from 1.30 to 1.4340 overnight as well as oil price hit 1.5 month high but the dollar fell across the board as improved risk sentiment in global financial markets wiped out its gains in the previous session after the U.S. Federal Reserve flagged plans to dial back its stimulus this year.
Propelled by rallying banking and energy stocks as fears of an economy-derailing third wave recede, Indian shares surged to fresh record highs, with the real estate sub-index extending gains for the third straight day to reach a near 11-year peak.
Oil was poised for a fifth weekly gain as the market tightens amid a global energy crunch that’s set to increase demand for crude.
Oil has rallied recently following a period of demand uncertainty due to the delta variant of the virus, with some of the world’s largest traders and banks predicting that prices could climb even further on the energy crunch. The market will also be watching for the outcome of China’s first-ever auction of crude from its strategic reserves later today.
Day Trend: - BUY ON DIP
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