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Market Roundup

* The Indian rupee is expected to open slightly higher after touching a record low in the pastweek. The upbeat US economic data added strength to the greenback.

* Implied opening fromforwardssuggeststhe spotmay starttrading around 83.38

* Spot USDINR little changed at 83.4037 on Thursday. Currency derivative and debt markets were shutin India on both Friday and Monday

* A dollar gauge edged higher as investors mulled the impact of strong March US manufacturing data that prompted bond traders to pare bets on policy easing for 2024. The yield on policy-sensitive 2-year Treasury notes lost almost two basis pointsto 4.69%, while the 10-year waslittle changed at 4.3%.

* Meanwhile, the yen weakened toward 152 per dollar, a key level that traders see elevating the risk that Japanese officials will intervene in the market. The currency has lost about 7% against the greenback so far in 2024 and is the worst performer among Group-of-10 peers overthe past year.

* US factory activity unexpectedly expanded in March for the first time since September 2022. Chances of a Federal Reserve cut in June briefly dipped below 50% following the release of the strong ISM data. The amount of Fed easing priced into swap contractsfor this year dropped to fewer than 65 basis points.

* Action packed Tuesday for traders, what with US factory orders, light-vehicle sales and JOLTS job openings data. These will be accompanied by comments from several central bank speakers including the Fed’s John Williams, Loretta Mester, Mary Daly and Michelle Bowman. Elsewhere, traders can expect the euro area S&P Global Manufacturing PMI.

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