INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.32 versus the dollarDepreciating for the second straight session and taping its single
biggest fall in 15 months, the rupee weakened by nine paise against the US dollar on Wednesday, June 30, to settle at 74.32, amid a firm
American currency and increasing petroleum costs - both of which weighed on financier belief
At the interbank foreign market, the regional unit opened at 74.23 versus the dollar, the same as its previous close mark, hovering in the
range of 74.23 to 74.45 throughout the session
In an early trade session, the regional system compromised by two paise to 74.25 against the greenback
Rupee Reports Biggest Regular Monthly Fall In 15 MonthsPressured by high petroleum costs and issues over the US Federal Reserve showing at
relaxing its stimulus, the domestic currency today registered its greatest month-to-month drop, since the beginning of the COVID-19 pandemic
According to traders, the month-end need for the dollar from the oil importers was one of the main factors driving the unit lower, while the
weaker domestic equities also harm the currency's sentiment.In June 2021, the regional unit declined 2.4 per cent, in its most significant
fall given that March 2020 when it plunged 4.6 percent
Also, over the quarter, the domestic system lost 1.7 per cent, tape-recording its worst quarterly fall considering that January-March 2020
when it decreased 5.8 per cent.Moreover, India imports over two-thirds of its oil requirements, and the increasing oil rates might
contribute to the inflationary concerns
This could complicate the policy-making process for the Reserve Bank of India (RBI) - which plans to keep the monetary policy accommodative
to support the COVID-hit economy.Meanwhile, the dollar index, which evaluates the greenback's strength versus a basket of six currencies,
rose 0.05 percent to 92.09
What analysts say on rupee's weakness today: Mr
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services: The rupee is on an edge, for which the greater sensitivity most
likely lies towards more powerful US information and a more powerful dollar
In general, fx market is concentrating on a possibly hot United States labour report or the degree to which brand-new covid variant
decreases recovery expectations.So up until the USDINR spot trades above 73.75-73.80, it will remain afloat with instant resistance around
74.50 and then 74.75 zone
While the major assistances lie around 73.75-73.50 -73.45
Mr Amit Pabari, MD, CR Forex: Domestically, for the previous week, Indian equities do not appear guaranteeing for FII as they offered stocks
for the 6th successive day worth practically Rs 5080 crores
Financiers fear that the spread of the delta virus variation might even more add to lockdown limitations and impact economic growth
That apart, market individuals promise that the new assistance procedures by the federal government might offer some short-term relief but
would not be sufficient to improve the economy.The continuing increasing oil costs are adding pressure to the rupee
This could turn negative for domestic markets in addition to the international risk-off sentiment and might take recede to safe paradise
Broadly, the Indian Rupee is likely to trade sideways in the variety of 73.70-74.50 zone in the near term before any big market trigger
takes it towards 75.00-75.20 levels in the approaching time
Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 66.95 points or 0.13 per cent lower at 52,482.71,
while the broader NSE Nifty declined 26.95 points or 0.17 per cent to 15,721.50
For the many part of the day, the criteria traded on a positive note tracking strength in index heavyweights - Tata Consultancy Solutions,
Infosys, Reliance industries, and Maruti Suzuki
But, banking shares such as HDFC, ICICI Bank, HDFC Bank, and Bajaj Financing experienced late selling pressure which removed intra day
gains.Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities: For the third day in a row successive day,
Awesome failed to sustain at higher levels and closed at the most affordable point of the day
In the lack of any particular news circulation from the domestic markets, domestic markets followed global cues which are trading with
unfavorable predisposition
The dollar index held gains that would keep the belief of the marketplace subdued.Technically, the marketplace has formed a double leading
at 15835 levels and closed below the most affordable of the previous day, which was at 15724
Based upon that, Nifty would be up to 15650-15620 levels
As the highlight trend of the market is still favorable and range-bound, our method should be to buy between 15650-15600 levels
According to exchange data, the foreign institutional financiers were net buyers in the capital market on June 30 as they acquired shares
Brent unrefined futures, the international oil benchmark, advanced 0.72 percent to $ 75.30 per barrel.
