The Indian rupee is expected to open slightly higher amid risk-on sentiments and lower crude oil prices - HDFC Securities
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Market Roundup
* The Indian rupee is expected to open slightly higher amid risk-on sentiments and lower crude oil prices. The dollar fell broadly after the Federal Reserve flagged inflation concerns and Fed Chair Jerome Powell indicated in his press conference that rate hikes are not likely. The central bank also scaled back its pace of quantitative tightening, as expected.
* The forward market suggests spot USDINR opening around 83.42 from the previous 83.435. On Tuesday, spot USDINR declined 4 paise to 83.435 amid lower crude oil prices and foreign fund inflows. The Indian financial markets were closed on Wednesday on account of Maharashtra day.
* Technical set-up remains favourable for the dollar bulls amid weaker broad-based strength in the greenback against major currencies. Spot USDINR has resistance at 83.60 and support at 83.20. In the near term, the pair is expected to consolidate between 83.20 to 83.60 with an upward bias.
* Asian currencies may be relieved after the Fed meeting eliminated any immediate prospects of a rate hike, but cuts remain on the horizon. The yen advanced 3% against the dollar late in the New York session, fueling speculation that Japanese authorities could be intervening to supportthe currency.
* While the Fed was not as hawkish as the market feared it could have been, the reduction in its balance sheet runoff - from a maximum of 60bn to 25bn - should be seen as a boon for risk assets. Liquidity in the system should remain ample at a time when rates are poised to remain higher for longer.
* In Asia, equities will now look to PMIs this morning. Many countries in the region have grappled with numbers languishing in contraction territory for an extended period.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
![](https://portfolio.investmentguruindia.com/uploads/news/jul04v89_Wex0B3E.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Zomato07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Piyush Goyal07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul04v38_zDiylqc.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Prashant Thakur ANAROCK Group.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul03v152_BhgJWbe.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrikant Chouhan.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
Gold prices rose in Asian trade on Wednesday, seeing some relief as the dollar retreated on ...
![The upside momentum with range bound action continued in the market on Wednesday - HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
![Crude oil climbed to near a two-month high on Tuesday, indicating a significant drawdown in US crude stockpiles - HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
![Daily Commodity Market Outlook 03.07.2024 by Mr. Anuj Gupta, HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/Anuj Gupta_Commodity.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/d24a60513dbc0df296bb00e680bdeea8.jpg)
USDINR opened with a downward gap and remained negative throughout the day - Axis Securities
![The pair is likely to trade with negative bias and any pullback near immediate resistance of 56.10 level - Monarch Networth Capital](https://portfolio.investmentguruindia.com/uploads/news/e464ddeec283f7624fe6cd87ce59b4de.jpg)
![The pair is expected to slide towards 1 .2060 as long as it trades under 1 .22 - ICICI Direct](https://portfolio.investmentguruindia.com/uploads/news/73b160f6f86ad37ab49577d84b18272b.jpg)
![The Euro moved above the 1 .06 mark amid weakness in the dollar - ICICI Direct](https://portfolio.investmentguruindia.com/uploads/news/icici direct.jpg)