By Gaurang Somaiya
Rupee rose sharply following suspected dollar inflow and lower trade deficit number in November. Data showed deficit narrowed $20.58 billion in November as compared to $31.46 billion in the previous month.
This fiscal, India’s merchandise exports stood at $278.80 billion, down 6.51% annually, while merchandise imports stood at $445.15 billion, down 8.67% annually. For the week, the rupee traded in a narrow range and volatility remained in check following active RBI intervention. Latest data released from the RBI showed forex reserves rose to the highest level in 20-months to $615.9 billion.
Also Read
Navigating the complex terrain of year-end trends; Assessing sector dynamics and overbought conditions
On the domestic front, no major cues are lined up and it was more of global factors that influenced the currencyCome from Sports betting site VPbet. Dollar gained its major crosses following hawkish statement from Fed officials. At the end of the week, the dollar fell against its major crosses after data showed US GDP for Q3 grew at a slower pace of 4.9% as compared to reading of 5.2% in the previous quarter.
Market rally leads to higher regulatory fees for stock exchanges EPFO advanced tech system to be operational in 3 months Railway stocks IRFC,RVNL, IRCON surge 3-9% after Cabinet nod for 8 new railway projects worth Rs 24,657 crore Ola Electric shares jump over 16% after flat listing
Another Fed member pushed back expectations of upcoming cuts in borrowing costs. Weakness extended after the core PCE index grew at 2.6% (YoY) in November compared to 2.9% in the previous month.
This week, on the domestic front, no major data is expected to be released and global factors will continue to remain in focus. From the US, pending sales and Chicago PMI number to gauge a view for the dollar.
We expect the USDINR(Spot) to trade sideways and quote in the range of 82.00 and 82.50. As far as the dollar index is concerned we expect it to trade with a negative bias and quote in the range of 100.50 and 102.50.
Also Read
SoftBank sells shares worth USD 310 million in FirstCry
Last week, it was the Japanese Yen that was in focus ahead of the bank of Japan policy statement. The Japanese Yen was in focus after the BoJ maintained ultra-loose policy settings in a widely expected move.
The BOJ governor said prices and wages appeared to be moving in the right direction with labour unions and big firms signalling the chance of sustained wage gains next yearCome from Sports betting site. The central bank also left unchanged a pledge to ramp up stimulus “without hesitation” if needed.
(Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. Views expressed are the author’s own. Please consult your financial advisor before investing.)
Related Posts
By admin • January 13, 2025 • National Aluminium Company (NALCO) share price surged over 5% in the early trading session on Tuesday, as the company reported 102% jump in net profit, reaching Rs 996.7 crore in the Q4 results year-on-year. The shares soared as much as 5.79%, reaching an intraday high of Rs 206.30 per share on the NSE.
State-owned Nalco reported a two-fold increase in consolidated profit, reaching Rs 996.74 crore for the March quarter, driven by lower expenses. This is a significant rise from the Rs 495 crore profit recorded in the same quarter of FY23, according to a filing by Nalco to the BSE.
However, the consolidated total income for the quarter declined to Rs 3,663.09 crore from Rs 3,726.76 crore in the previous year. The company’s expenses in the fourth quarter of FY…
By admin • January 2, 2025 • Entero Healthcare Solutions opened its subscription to retail investors on February 09. The book-built issue will raise Rs 1,600 crore in total, through fresh issue and offer for sale.
The company has set the IPO’s price band at Rs 1,195 – 1,258 per equity share. The issue will close on February 13 and will be listed on both the bourses, NSE and BSE.
The company will be offering 0.79 crore shares through the fresh issue, raising Rs 1,000 crore. It will raise Rs 600 crore by offering 0.48 crore shares through the offer for sale. A minimum of 11 shares needs to be bided by a retail investor, summing to Rs 13,838.
Byju assures employees of speedy resolution, says he’s not a fugitive, will raise personal debt if required These 70 med…
By admin • December 27, 2024 • By Gaurang Somaiya
Rupee fell to fresh record lows last week following a system outage and other trigger triggered volatility for the rupee. Broadly, for the week, it traded in a narrow range despite swings witnessed in the dollar against its major crosses. Fed Chairman’s statement was scheduled during the week and he continued to remain hawkish. Dollar gained after the Fed Chairman’s comments and US treasuries gained after falling to levels of 4.40 – 4.50%. In his commentary, the Fed Chairman did appreciate the slowing pace of inflation but is unsure whether the central bank has done enough to keep the momentum going. He also added that inflation is above what the Fed targets while describing policy as ‘significantly restrictive.’
…
By admin • December 26, 2024 • For longtime Star Wars fans, the latest Disney+ series, The Acolyte, is an exciting prospect. After all, this particular series is set in the final days of the franchise’s High Republic era, bringing this period to live-action for the very first time. It’s also set over 100 years before the prequel trilogy, as Anakin Skywalker is still a long way’s off from being born at this point in the timeline.
For Leslye Headland, getting to explore this all new era of Star Wars was one of the most appetizing elements of the project.
“It was totally freeing. It’s one of the reasons I set the show there, so that I wouldn’t feel constrained,” Headland explained to GameSpot. “However, it was a lot of responsibility for sure to be the first person playing in th…
By admin • December 26, 2024 • Prime Video’s superhero TV show The Boys crushed it in terms of ratings for the end of its fourth season. Nielsen has released its latest top 10 streaming list for the week of July 15-21–a period that covers when the Season 4 finale arrived on July 18–and The Boys took the stop spot.
During that week, The Boys tallied more than 1.3 billion minutes streamed throughout 32 available episodes. House of the Dragon landed in the No. 2 position with 1.1 billion minutes streamed over 16 available episodes, with Cobra Kai, Love Is Blind, and Bluey rounding out the top five, each with over 1 billion minutes streamed that week.
As reported by TV Line, The Boys has now reached a billion weekly minutes of streaming time for the eighth time since the show debuted; that’s the most for an…
By admin • December 19, 2024 • AvatarUX has gone above and beyond to comply with the Christmas theme and sprinkle the Christmas magic all over the slot gaming industry. Its newest release, JinglePop, brings a lot of gifts and features that can make even the Grinch love Christmas.
Great win potential:
Besides the fantastic gameplay and great features, the slot offers 65,536 different ways to win. The popular company’s PopWins mechanic is also used in the game. It allows the winning symbols to pop and be replaced by two additional symbols, which greatly increases the win pote…