Market Highlights & Commentary:
- INR opens flat at 71.11 as against yesterday close of 71.08 and may trade the day between 70.80-71.20 under two-way price action.
- Yesterday following Indian air force attack on terrorist camps on Pakistan, leading to all weakness at opening few minutes Later on, we saw intervention from RBI around 71.30 and INR hovered in range of 71.0 to 71.10 for large part of the day.
- In overseas market, USD remained mixed weak on dovish testimony of US Fed chief
- Crude inched up as OPEC indicated that production cuts would as per the plan. This was after Trump tweeted that crude prices were again running higher
- Tomorrow India’s latest growth number for Q4 will be released later in the day. Last reading was 7.1% and latest is expected to be around 6.7%-7%.
- This morning most of the Asian equities are mixed and currencies marginally weak.
Yesterday’s Market Recap:
- INR yesterday opened weaker at 71.25 following reports of air struck over terrorist camps in Pakistan. However, after trading volatile for major part of the day, INR closed stronger at 71.08.
- Spot: (Open, High, Low, Close): 71.25, 71.33, 70.99, 71.08)
- Premia (in %): 6 months (4.11 vs 4.10) 12 month (4.01 vs 3.98)