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* Indian Markets were shut yesterday on account of Independence day holiday.
* Rupee ended at 71.27 a dollar on Wednesday, up 13 paise from its previous close of 71.40.
* FBIL set reference rate of dollar at 71.0968 and for Euro at 79.4554.
* India Trade Gap Narrows as Imports Decline for Second Month; Exports +2.3% y/y to $26.33b, imports -10.4% to $39.76b.
* RBI Bought Net $2.46B of Foreign Currency in June.
* Global Funds Sell Net 16.15b Rupees of India Stocks Aug. 14: NSE; Foreign Investors Sell Net INR5.6B of Indian Equities on Aug. 13
* Yield on 7.26% bonds maturing Jan 2029 at 6.63% on Aug. 14.
* US dollar index hovered near two week high against basket of currencies on better than expected retail data.
* Euro was steady while UK's pound rose better economic data.
* USD/JPY is little changed Friday at 106.10, having risen 0.4% this week.
* PBOC has set the Yuan reference rate at 7.0312 up from Thursday's fix of 7.0268.
* The Chinese central bank injected a net CNY 300 billion via OMO this week when compared to no net injection or withdrawal last week.
Following the gains in emerging markets currencies led by the optimism of US delaying its tariffs on China, the Indian unit bounced back from its six month low in the previous day. The rise in the bond yields for a fifth consecutive session on the news that government may step up more stimulus plans to support the sagging economy and retail inflation being within the comfort zone of central bank along with easing oil prices also supported the Indian currency.
The Indian unit opened at 71 a dollar and made a high of 70.85. Rupee hit an intraday low of 71.35 before settling the day at 71.27 against its previous closing of 71.40. WPI based inflation released on market hours fell to multi-year low in July led by the fall in the food articles and fuel items.
Trade data released on Wednesday also showed that the deficit narrowed to a fourth month low. FIIs were sellers in the capital market segment; offloaded shares worth Rs 12441cr as depository data. For USD pair, 71.56 will be major resistance above which it may likely touch 71.72. On the downside 71.17 and 71.04 are the support levels.
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