INR forecast: INR opens stronger at 68.39 as against previous close of 68.57 and may trade the day between 68.30-68.60 under two way price action.
Overnight oil fell 4%, our sense is that because Saudi Aramco IPO is deferred(possibly indefinitely), that poor is cracking. News reports site reasons such as opening of Libya ports; statement from US officials to relax sanctions for import from Iran for few countries etc.
Yesterday’s Trump-Putin meeting was concluded. The meeting was concluded by two hours of closed door discussion followed by one hour of press conference. While market participants were anticipating fresh development on wide range of issues including Russia interfering in U.S Presidential election, the meeting remained more on political ground then what market had anticipated. Market reaction remained limited as major part of event was pre-discounted.
Moving ahead today U.S Fed chair Powell will testify on economic outlook and it’s stand on recent Fed hike before the house of joint economical committee.This morning Asian equities are in losses.