INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.42 against the dollarA day after hitting its three-week high, the rupee weakened 13 paise
In an early trade session, the local unit inched two paise to 74.27 against the greenback.The domestic unit snapped its two-day winning
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading unchanged at 91.86.On
Federal Reserve's dovish stance
filing new claims for unemployment benefits remained near 400k in the week despite good job openings and ample attempts by many businesses
That apart US economic growth in the Q2 advanced to 6.5% but remained below forecasts of 8.5% pushing dollar index below 92 region and
However, the activeness of the RBI downside along with the importer's rush to cover the dollar shall keep the rupee under
pressure.Overall, for USDINR pair 74.20 remains crucial support to determine the way forward for the rupee
Till the time it trades above 74.20, any dips between 74.20-74.30 levels can be taken for buying, while for selling we suggest waiting for a
President, Equity Technical Research at Kotak Securities:''The week has been volatile for the traders, as benchmark indices corrected
sharply after a muted opening
However, once again the Nifty/ Sensex witnessed support near 15500/ 51900 levels and reversed quickly
Among Sectors, the Metal index outperformed during the week and rallied over 9 percent, whereas profit booking was seen in private banks and
Energy stocks.On the sectoral front, the texture suggests Metal stocks would continue to outperform in the near term
Any short-term corrections would be used to add quality Metal stocks with the medium-term time horizon.''According to exchange data, the
foreign institutional investors were net sellers in the capital market on July 29 as they offloaded shares worth Rs 866.26 crore
Global oil benchmark Brent crude declined 0.25 per cent to $ 75.86 per barrel in futures trade.
