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Trade Data Shows Growth Recovery - HDFC Securities
* Indian rupee started with minor losses amid risk off mode. Rupee likely to consolidate in today’s session amid stronger in dollar index and lower crude oil prices. Global markets show high volatility as US 2-10 year bond yield entered in negative territory hinting for recession.
* India July trade balance -$13.430b; est. -$15b, data showed after markets closed on Wednesday; RBI bought net $2.46b of foreign currency in June.
* Technically, Spot USDINR is having resistance at 71.82 and support at 70.30.
* The benchmark 10 year bonds are set for a second weekly loss amid concerns the government may increase borrowing amid reports of additional stimulus to boos a slowing economy. The 10 year bond yield surged 10bps to 6.63% on Wednesday. Taking the weekly jump to 13bps, Forex and bond markets were shut Thursday for a holiday.
* Global funds bought a net 16.15b rupees of local stocks, 3.14b rupees of govt. bonds, and 1.18b rupees of corporate debt.
* Emerging Asian currencies treaded mixed, with the Korean won leading losses and the Malaysian ringgit gaining, as concerns over the trade tensions and the outlook of the global economy damp demand for risk assets.
* China called looming U.S. tariffs a violation of accords reached by Presidents Donald Trump and Xi Jinping, vowing retaliation.
* Brent crude oil steadied after a sharp drop on Wednesday, and is on track for a modest weekly gain after positive signs on the trade front inspired a rally earlier in the week.
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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