Last Updated on 05/07/2022
NRI Newsletter - Market News

TODAY: Tuesday 5th  July ,2022 

USD/INR: As on 4th  July ,2022 

INR:

The rupee paired its early losses and settled on a flat note at 78.94 (provisional) against the US dollar on Monday. At the interbank forex market, the local unit opened at 78.97 against the greenback and fell to an intra-day low of 79.06. It finally settled at 78.94, unchanged from its previous close.

The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.13 per cent at 104.99. Brent crude futures, the global oil benchmark, fell 0.26 per cent to USD 111.34 per barrel..

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MAJOR WORLD CURRENCIES: 

As on 4th  July,2022  :

USD:

The dollar was up on Tuesday morning in Asia, gaining support from a strong rebound in the U.S. 10-year Treasury yields.

 

EUR:

EUR/USD is aiming to violate 1.0440 as investors see eurozone PMI stable. The DXY is displaying a subdued performance as the focus has shifted to the Fed minutes. The ECB may announce its first interest rate hike after a span of 11 years.

 

The FX domain is waiting for the rate hike announcement from the ECB as it will be the first rate hike by the central bank in the past 11 years. Taking into consideration the plain-vanilla Harmonized Index of Consumer Prices (HICP), which has climbed to 8.6%, a rate hike looks invincible. The households in Europe are facing real income shocks as soaring oil and food prices have reduced their paychecks. However, the continuation of an accommodative monetary policy may elevate the price rise further.

GBP :

GBP/USD fails to cheer US dollar pullback amid Brexit fears, political woes at home. Labour Party steps back from Brexit rejections, UK PM Johnson struggles to defend position amid partygate scandal. US Factory Orders, final readings of UK PMIs will be important for fresh impulse.

 

UK PM Boris Johnson is under immense pressure from all sides, be it from the opposition or the Tory rebels after the ‘partygate’ scandal. Recently, the British politicians are bracing for another attempt to oust the national leader by trying to alter the committee rules that previously defended Johnson.

USD/INR  as on 4th July ,2022 

Currency

OPEN

HIGH

LOW

CLOSE

USD/INR

78.94

79.06

78.86

78.95

 

 

Forward premium (%)  as on 4th   July ,2022 

Periods

1 Month

3 Month

6 Month

12 Month

Premium

2.95/3.05

2.87/2.97

2.85/2.95

3.00/3.03

       

 

USD/INR Cash/Tom/Spot Levels: (in Paisa)                                      

(Updated as on 5th  July,2022  @ 09.00am)

 

Cash/Tom:  0.25/ 1.25                      Cash/Spot: 0.50/2.50 

Tom/Spot :  0.25/1.25                        Spot/Next: 0.25/1.25                        

 

Cash Date  :   05th  July 2022 

Tom Date    :   06th July 2022 

Spot Date   :   07th July 2022 

Outlook for the day 5th July ,2022 )

USD/INR is expected to trade in the range 78.95 to 79.20 Up side. All major currencies are expected to down side against the US dollar.

MAJOR WORLD CURRENCIES:

As on 4th July ,2022 

CURRENCY

OPEN

HIGH

LOW

CLOSE

GBP

1.2101

1.2165

1.2082

1.2105

EUR

1.0422

1.0462

1.0415

1.0421

AUD

0.6801

0.6888

0.6792

0.6864

JPY

135.32

135.77

134.77

135.69

CHF

0.9609

0.9619

0.9573

0.9611

XAU

1812.01

1814.01

1802.70

1809.11

 

GOLD :

Gold Price is making headway to the north this Tuesday while holding above the $1,800 mark, having started the week on the wrong footing. The renewed upside in the yellow metal could be attributed to a pause in the US dollar rebound.

 

Amidst the recent series of downbeat US economic data and signs of peak inflation, markets are re-pricing the Fed’s aggressive tightening outlook after the July meeting. This could be noted as the main factor behind the capped upside in the dollar across its main peers. The Fed minutes due on Wednesday will shed more light on the world’s most powerful central bank’s intent on inflation control, as President Powell acknowledged last week that recession is ‘a possibility’ but is not likely.

  Foreign Currencies

  Updated: 17:30 hrs (12:00 GMT)   on 1st July,2022 

USD/INR: 79.05[FXIR]

Against

USD

INR

1 EUR    =

1.0451

82.5159

1 GBP   =

1.2139

95.8435

100 JPY =

135.39

58.3167

1 AUD   =

0.6885

54.3605

1 CHF    =

0.9599

82.2534

 

Precious Metals

Updated: 17:30 hrs (12:00 GMT)  as on 1st July ,2022 

Gold ($/oz)

1705.32

Silver ($/oz)

19.83

 

Stock Indices

( As on 1st July ,2022  )

 

Index Close

01st  July

04th  July

BSE Sensex

52907.93

53234.77

NSE Nifty

15752.05

15835.35

Dow Jones

31097.26

31097.26

NASDAQ

11127.84

11127.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

              Major Economic Data Releases for the Day

Date

Region

Time(IST)

Description

05/07/2022

AUD

10.00AM

Cash Rate

05/07/2022

AUD

10.00AM

RBA rate Statement

05/07/202

GBP

3.30 PM

BOE Gov Bailey speaks

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