INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 73.02 against the dollarThe rupee edged higher by four paise against the US dollar on Friday,
In an early trade session, the domestic unit inched higher by two paise to 73.04 against the greenback
On the back of stronger inflows and bullish equities, the domestic currency marked its second weekly gain as it strengthened 67 paise
Securities:What a change in weather in USDINR
weak $ Index and rising equity markets
After a bland speech from US Fed chairman, Mr
Powel in Jackson Hole, where he dragged his feet on raising interest rates or announcing taper, USDINR came under selling pressure
This trend may not reverse soon, as traders shy away from USD and own emerging market currencies like the Indian Rupee.Next week is going to
be data light and hence the downward bias will continue in USDINR, barring any unexpected sell-off in stocks
However, with USDINR back near 73.00, the tussle between market and RBI is fully underway
Market wants to know where will RBI draw the line and intervene aggressively? We would continue to look for selling opportunities as upside
August month and the first two trading sessions of the current month is the central bank's intervention
It seems that RBI has absorbed - supported the 72.90 levels and will not tolerate any further gains beyond the same levels
On the data front, rising India's trade deficit and weakness in manufacturing PMI despite lower cases in India doesn't support the rupee's
rally and odds of depreciation increases from the current level.Globally, US's trade deficit narrowed down in July, weekly jobless claim
fell to mid-Mar,2020 level and lay-off tumbled to a 24-year low
These clues support the strong US DXY case
Moving ahead, all eyes will be on today's US job report, which will clear the dust from the Fed's tapering timeline surface
Overall, we are expecting that the USDINR pair should find support near 72.80-90 levels and rebound towards 73.50 initially and then towards
73.80-74.00 levels.''Domestic Equity Markets Today:On the domestic equity market front, the BSE Sensex ended 277.41 points or 0.48 per cent
tracking gains in Reliance Industries.Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:''Rally in
the India equity market this week was healthy and broad-based
3.8 per cent respectively during the week
Overall rally in the market was broad-based with almost all key sectoral indices posting positive returns.The United States 10 year
treasury yield and oil prices remained stable this week
near to medium term.FPIs have been net buyers in Indian equities in the initial days of Sep 2021
Going ahead, the global investment continues to stay challenging
The market is focusing on the sustenance of growth in developed economies
As a result, global investors are looking on emerging markets to diversify risks and India cannot be ignored by global investors considering
growth opportunities.''According to exchange data, the foreign institutional investors were net buyers in the capital market on September
