USDINR
On Friday, USDINR is likely to commence a session between 74.15 – 74.25 levels despite the dollar was end the month sharply higher, riding a wave of positive headwinds including expectations for Treasury yields to continue their advance into year-end as the Federal Reserve prepares to tighten monetary policy.
The greenback has been supported by a sharp increase in Treasury yields amid an increase in real rates.
India's current account balance moved into a surplus in the three months from April to June largely because of a contraction in the trade deficit.
The current account surplus stood at $6.5 billion or 0.9% of GDP compared to $19.1 billion in the same quarter a year ago, which was a record high. In the preceding January-March quarter, the current account was in a deficit of $8.1 billion.
Foreign investors in India are pushing the country's market regulator to delay its plans to implement a quicker settlement of trades by bourses - a "complex and costly" move they say poses several operational as well as business challenges.
The Asia Securities Industry & Financial Markets Association along with two other industry bodies sent an open letter to the Securities and Exchange Board of India (SEBI) on Thursday asking for a consultation before the new regime comes in next year.
Day Trend: - BUY ON DIP (USDINR entered overbought zone)
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