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Market Roundup

*  The foreign fund outflow and higher commodity prices will weigh on the local rupee in the opening trade. A sharp drop in the US dollar overnight will likely be good news for Asian currencies. However, implied opening from       forwards suggests the spotmay start trading around 83.48.

* Spot USDINR rose 0.1% to 83.4337 on Wednesday. This is the lowest level at market close for the rupee. Going ahead, the direction of the pair remains bullish and we could see a level of 83.70 surpassing of 83.50 while on the downside 83 remains near term support.

* Spot USDINR rose 0.1% to 83.4337 on Wednesday. This is the lowest level at market close for the rupee. Going ahead, the direction of the pair remains bullish and we could see a level of 83.70 surpassing of 83.50 while on the downside 83 remains near term support.

* Elsewhere, gold held near a fresh record set Wednesday, when it topped $2,300 per ounce in a rally helped along by Powell’s support for potential rate cuts this year. West TexasIntermediate extended gains, poised for its fifth straightsession of advances, leaving the US benchmark price at around $85 per barrel. Meanwhile, copper jumped to the highestsince January 2023 amid fresh demand signs.

* Fed Chair Powell reiterated that the central bank will take a wait-and-see approach before reducing borrowing costs. However, his views that recent inflation figures did not “materially change” the overall picture offered supportfor risk assets.

* US services sector growth eased in March for a second month while the gauge of input costs slumped to a four-year low. The ISM index unexpectedly fell to 51.4, largely reflecting a drop in supplier deliveries. The index of prices paid slid to 53.4.

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