Swastika Investmart Limited

OUTLOOK FOR TODAY: USD INR

We are expecting the rupee to deal on a neutral to downbeat sign against the dollar taking cues from poor worldwide markets, failing in the dollar index & helpful financial data from US.

Technical Outlook: As seen on the daily chart, USD INR is trading below the crucial resistance at the 61.55 mark. On the upside, 61.30 is the first resistance for the counter while on the downside, 60.88 is an significant support

MARKET OVERVIEW

Dollar lost 0.12 percent & closed at Rs. 61.5250 in futures. The spot rate is currently at 60.85.Dollar Index is currently trading at 81.5440 up 0.27 percent from the previous end.FIIs bought securities worth Rs. 640.29 crores in the cash & derivatives segment of the Indian equity markets on Tuesday. The HSBC India Services Purchasing Managers’ Index (PMI), fell to 52.2 in July from June’s 17-month high of 54.4.

The Reserve Bank of India (RBI) in its Bi-Monthly economic policy analysis kept its key policy repo rate unmoved. Statutory liquidity ratio (SLR) was slash by half a percentage point to 22.0 % of deposits. The RBI moreover slash the ceiling on debt that must be held-to-maturity (HTM) by lenders half a percentage point to 24%. Service division movement in the U.S. increase at the greatest pace in more than 3 years in July, fuelling optimism over the financial view. ISM non-manufacturing buying manager’s index increase to 58.7 last month from an analysis of 56.0 in June. Factory orders improved 1.1% in June, more than reversing May’s 0.6 % fall. Report [research4u]