The USDINR pair made a gap down opening at 74.49 levels and traded in the range of 74.42-74.51 with a sideways bias. The pair finally closed the day flat at 74.49 levels. The rupee rose against the dollar today because foreign banks sold dollars for foreign portfolio investors who are looking to invest into initial public offering and the dollar edged lower against major currencies in early Asian trade ahead of the release of US inflation data for June, due later today. This kept investors cautious over the central bank's decision on interest rate hikes. The figure could provide the trajectory for US Federal Reserve's decision on the interest rate hikes.
On an annualized basis, the premium on the one-year, exact-period dollar/rupee contract was at 4.47%, against 4.50% Monday. The RBI set the reference rate for USDINR at 74.48 levels. Oil prices edged up as tight supply and expectations of a further draw in U.S. and global crude inventories provided support, although fears over the spreading COVID-19 variant capped gains.
China’s imports and exports posted stronger-than-expected growth in June as global demand for Chinese goods remained solid and Covid-19 outbreaks in the country’s biggest export hub didn’t hit outbound shipments as much as expected. China’s exports increased 32.2% from a year earlier while the exports had shown softness in recent months in the face of rising raw material costs, weakened overseas demand for Chinese-made goods, and global shipping delays.
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