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* India’s foreign exchange reserves plunged by $8 billion in the week endedJuly8to$580.25billion, the lowest in more than 15 months, data released on July 15 by the Reserve Bank of India(RBI) showed.

* Foreign investors continue to be cautious about the Indian equity market and have pulled outover Rs 7,400 crore this month so far amid sustained strengthening of the dollar and increasingconcerns over a recession in the US. This comes following a net withdrawal of Rs 50,203 crorefrom equities in June.

* India's agricultural and processed food exports increased 14 percent year on year in the firstthree months of FY23 to $5.98 billion, according to a statement issued by the commerce andindustry ministry on Sunday.

* Indonesia has suspended its export fee on all palm oil products until August 31 in a new effort toincrease exports and reduce stockpiles, finance ministry officials said on Saturday, adding thatthe decision will not affect government revenues.

* US Retail sales rose 1.0% last month, the Commerce Department said on Friday. Data for May wasrevised up to show sales falling 0.1% instead of 0.3% as previously reported.

* Industrial Production in the US contracted by 0.2% on a monthly basis in June, the US FederalReserve reported on Friday. This reading came in weaker than the market expectation for anexpansion of 0.1%. ? The yield on the benchmark 10-year Treasury note fell 3 basis points to 2.926%.

* The Dollar Index is dropping sharply and has surrendered the critical support of 108.00 despitethe upbeat Retail Sales data and Michigan Consumer Sentiment Index (CSI) released on Friday.

OUTLOOK - USDINR

We had gone into last Friday expecting reversal moves aiming 79.86, followed by 79.58. The second leg of this move is expected to unfold this week, which could even get extended to 79.25, afterconsolidation initially. Alternatively, pullback above 79.95 will negate the bear move, but we donot expect extended rallies today.

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