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* The Reserve Bank of India on Thursday announced that the next meeting of theMonetaryPolicyCommittee has been rescheduled to be held between August 3-5 due to some administrativeexigencies.

* Rice export prices in India rose this week after crop seeding for the current season lagged behindthe previous year in major growing areas, while flash floods damaged supply of the grain inBangladesh.

* Sugar millers have encouraged the government to announce export policies for the upcomingsugar season, which begins on October 1, allowing mills to sign forward contracts at a time wheninternational raw sugar futures prices are firm.

* The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusionindex for current general activity declined to -12.3 in July from -3.3 in June. This print missedthe market expectation of 0 by a wide margin.

* The Bank of Japan raised its inflation forecast on Thursday but maintained ultra-low interestrates and warned of risks to a fragile economy, reinforcing its position as an outlier in a wave ofglobal central bank policy tightening.

* The European Central Bank raised its key interest rates by half a percentage point on Thursday,the first increase in more than a decade and a bigger jump than expected, as it ramped up itsfight against record high inflation.

* The US 10-year Treasury yield sank 15 bps, from 3.028% to 2.877%.

* The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 106.607after falling from last week’s levels.

OUTLOOK - USDINR

With the lower extremity of our 79.85-80.15 band coming under attack yesterday, the bias hastilted to downsides, as long as 79.95 holds on closing basis. However, expect intraday spikes to80.05, if USDINR is able to float above 79.86 early in the day.

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