USDINR
We are expecting USDINR to commence a fresh week on Monday within range-bound between 74.35 – 74.43 levels. Asian Market face another tough week as Beijing's regulatory crackdown fans fear China's economy, though upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets.
In July, The Indian domestic unit (Rupee) traded in a tight band closing the month with mild losses against the dollar while the benchmark 10-year bond yield rose for a second straight month with high global crude weighing on sentiment.
The benchmark 10-year bond yield ended unchanged at 6.20%. Yields rose for a second straight week and month. The 10-year yield rose 15 basis points in July after rising 3 bps in June.
Domestically, foreign inflows towards several public offerings including online food delivery app Zomato among others helped the rupee. There were flows in the market, but RBI was around to absorb the flows keeping the rupee in a relatively tight band.
Market Participants are now awaiting the monetary policy committee's meeting outcome on Aug. 6 for further cues on liquidity withdrawal in the domestic market. Almost all traders and economists expect no change in interest rates next Friday.
Day Trend: - RANGE.
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