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Market Roundup

* The Indian rupee is expected to open almost flat, after Monday’s holiday. The risk-on sentiments and expectation of dollar inflows in the coming days could support the rupee at a lower level. The central bank has been protecting the rupee near a record low by dollar supply.

* Spot USDINR little changed at 83.56 on Friday. Technical setup remains bullish for the USDINR, but on the higher side, it is facing resistance between 83.60 to 83.80 levels.

* India's foreign exchange reserves touched fresh highs at $655.8 billion, and rose for a second straight week to hit a record high of $655.82 billion as of June 7, the central bank said on Friday.

Forex:

* The US dollar erased gains against most of its peers in the Group of 10 amid an improved risk tone fueled by surging tech shares. The yield on US 10-year note is up five basis points at around 4.27%, amid a bout of corporate supply.

* Fed Bank of Philadelphia President Patrick Harker said he sees one rate cut as appropriate for this year based on his current forecast.

* Ahead of Wednesday’s holiday in the US, traders geared up for retail-sales data and a slew of Federal Reserve speakers.

* China’s May data mixed as industrial production fell short of economist estimates, while retail sales beat the consensus.

Equities:

Asian equity benchmarks opened higher Tuesday following a rally in several large technology companies that drove US stocks to another record. Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts have pushed US equities up about 15% this year.

Commodities:

Oil steadied after gaining on Monday where it built on its biggest weekly advance since early April. Gold was little changed after slipping in the previous session.

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