IGI Logo

Market Roundup

*The Indian rupee could open steady around 83.73 tracking regional currencies. However, the foreign fund selling and risk-averse sentiment could weigh the local rupee. It has been hovering near record low. On Thursday, spot USDINR closed at 83.72 almost unchanged from the previous close. Technically, the pair has support at 83.60 and resistance at 83.85.

Next week, among key releases, the Reserve Bank of India (RBI) to maintain a hawkish pause. For mainland China, higher CPI inflation and export growth are expected.

Forex: 

*The dollar and Swiss franc rose Thursday, fueled by haven-related buying after a slew of weak US data, and tensions in the Middle East lingered. US 10-year Treasury yields fell five basis points to 3.98% amid tumbling share prices.

The U.K. central bank cut interest rates for the first time in four years. The 25 bp decline brought its benchmark rate to 5% and set the stage for more cuts, though not quickly, as the decision to cut passed with a 5-4 majority. The pound fell after the Bank of England cut interest rates.

Equities:

*The risk-off sentiment is sweeping across Asia early in the session after U.S. stocks slid overnight on weak economic data from the U.S. Investors are also waiting for Chinese policymakers to announce more stimulus. Japanese stocks plunged for a second day on expectations for further monetary tightening in the country.

Commodities:

*Oil rose after a Thursday decline against the backdrop of concerns over supply concern amid Middle East tensions. o Elsewhere, Gold is poised for a run at the $2,483.73 record peak touched last month, as potential Fed interest rate cuts and signs of ETF buyers add to its allure along with geopolitical concerns.

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337