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Daily Snapshot

* Among EM currencies, the rupee remained one of the underperformers and again depreciated against the dollar. It ended at 74.62 levels, down almost 8 paise

* The dollar index rallied to a three-month high. Signs of strength in the US labour market supported gains. May JOLTS job openings rose to a record

* The Nifty rallied more than 50 points on the back of positive global cues and renewed FII buying interest. The index ended above its major Call base of 15850 with a positive advance decline ratio

* The banking index continued its momentum and gained almost 200 points on the back of continued buying in index pivotals

* Foreign institutional investors (FII) turned net buyers to the tune of | 148 crore on July 6. They bought worth | 1036 crore in the equity market and sold worth | 888 crore in the debt market.

Rupee Outlook and Strategy

* The US$INR pair saw fresh accumulation from lower levels along with the Dollar Index moving to fresh three month’s high indicating a move towards 75 cannot be ruled out

* The dollar-rupee July contract on the NSE was at | 74.82 in the last session. The open interest rose 1.5% for the July series

US$INR Strategy

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