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Market Roundup 

* The Indian rupee is expected to open slightly higher following a weaker dollar index and risk-on moods. The lower crude oil prices and the expectation of foreign fund inflows could also support the rupee. On Wednesday, Spot USDINR fell 15 paise to 83.38.

* Broadly the pair has been consolidating between 83 to 83.60 but within that, it has made two small ranges 83 to 83.30 and 83.30 to 83.60. A major event of the election is completed the focus will shift to Budget and dollar flows.

* Investors will look to Friday’s payrolls to determine whether the bull run in equities can continue into the summer after Wednesday’s rebound in the ISM Services index sparked another record high.

Forex:

* The greenback was mixed against its G-10 peers as risk tone improved following better-thanexpected US ISM Services number. The yield on 10-year Treasuries is down by one basis point to 4.32%.

* With the Fed widely expected to stay on hold next week, the focus of the meeting will be the new Summary of Economic Projections. In March, Fed officials maintained their outlook for three rate cuts in 2024.

* The euro was little changed ahead of the European Central Bank’s policy decision. While policymakers are widely expected to cut rates, traders will seek guidance on the path forward, notably from President Christine Lagarde at the press briefing.

* Equities:

* Asian equity markets rose after the world’s largest technology companies helped send US shares to a fresh all-time high

* Commodities:

* In commodities, oil clawed back some losses for a second session with technical support after OPEC+’s plan to return barrels to the market sparked a selloff at the start of the week. Easing supply-side issues triggered falls across the commodity complex, despite rising prospects of rate cuts.

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