INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.19 against the dollarThe rupee strengthened for the third straight session and gained nine
paise against the US dollar on Wednesday, August 4, to settle at 74.19 amid a rally in domestic equities
At the interbank foreign exchange market, the domestic unit opened at 74.16 and registered an intra-day high of 74.08 -rising to its highest
It witnessed a low of 74.24
In an early trade session, the domestic unit gained 16 paise to 74.12 against the greenback
per cent to 92.09.Rupee Hits Its Highest Level In 6 WeeksDuring the trading session today, the domestic currency strengthened to a six-week
ahead of an interest rate review due later this week by the Reserve Bank of India (RBI)
of major global triggers, the focus should be on the domestic market
Yesterday, Indian Indices tested historical all-time-highs as Nifty 50 surpassed the 16,000 mark and Sensex rallied by more than 800 points
After selling more than Rs
20,000 crore over the last 13 sessions, FIIs have turned positive and invested almost Rs
However, it would be a very interesting day for the pair as RBI which was absent yesterday could try to absorb FII's flows and keep rupee
Further, importers could go with a little extra hedge on every correction ahead of an unexpected announcement from the RBI on the liquidity
front.Broadly, the downside seems very much limited for the pair as fundamentals like higher inflation, the expectation of fiscal slippage,
disruption in a business activity don't allow it to appreciate much.''Kshitij Purohit, Lead International - Commodities at CapitalVia Global
Research Limited:''Due to a drop in the dollar index and a drop in US rates, the USD/INR entered the day little changed from the previous
The currency pair is now trading around 74.3000, with the goal of breaking through the 74.30 support level to test the 74.00 strong support
level.The dollar index hit a low of 91.775 on Friday, its lowest level since June 28, and is now trading at 92.02
Investors are now waiting for this week's US jobs statistics to determine the direction of the dollar
After a key inflation reading came in near economists' expectations, signaling that inflationary pressures may be easing slightly, the
10-year US yield dipped to 1.18 per cent.''Domestic Equity Markets Today:On the domestic equity market front, the BSE Sensex ended 546.41
positive momentum as benchmark index Nifty hit another fresh all time high of 16290.20 after a massive breakout
The uptrend was largely supported by the HDFC twins, private banks and financial stocks
Technically, on daily charts the index has formed breakout continuation formation, which is broadly positive for the market.But intraday
charts and momentum indicators suggest a temporary overbought situation and traders may take cautious stance near 16300 -16330 levels
We are of the view that in the next few trading sessions buying on dips and sell on rallies would be the ideal strategy for the day
traders.''According to exchange data, the foreign institutional investors were net buyers in the capital market on August 3 as they
