Forex Insights
USD/INR Spot reference {76.62}:
The rupee on Friday opened at 76.64 and went upto 76.70 high . then there was selling in the pair taking it to 76.28 before closing at 76.42
Broad Market Snapshot:
US Dollar Index (DXY) drops towards 103.00 during Monday’s Asian session, extending the previous day’s pullback from a 20-year high, as an absence of bond moves and mildly bid stock futures favor sellers amid a sluggish session. That said, the DXY drops 0.10% intraday to 103.10.
Dollar Rupee Today
Dollar rupee is expected to open a little higher at 76.62 against friday close of 76.42 on account of expected negative Equity markets.
We expect it to remain in the range of 76.35 to 76.80 today
Equity Insights
Indian Equity
SGX Nifty indicates a negative start for the Indian indices The Nifty futures were trading lower around 16,909 level (100 points down from friday close) on the Singaporean Exchange at 8:55 IST
Indian benchmark indices ended lower on April 29, with the Nifty closing near 17,100 mark amid selling across sectors.
On the back of positive global cues, the Nifty started the May F&O series on higher note and remain in the positive territory, before witnessing profit booking in the final hour of trade.
At close, the Sensex was down 460.19 points, or 0.80 percent at 57,060.87, and the Nifty was down 142.50 points or 0.83 percent at 17,102.50.
For this week, BSE Sensex and Nifty lost 0.23 percent and 0.40 percent, while April saw a fall of 2.57 percent and 2.07 percent, respectively.
Other Equity
Shares in Asia-Pacific were lower in Monday morning trade, with data released over the weekend showing Chinese factory activity contracted in April.
In Japan, the Nikkei 225 fell 0.54% as shares of robot maker Fanuc dropped about 3%. The Topix index also shed 0.38%. South Korea’s Kospi traded 0.5% lower.
Australia stocks declined, with the S&P/ASX 200 falling 1.41%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.55% lower.
Commodity Insights
OIL
Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about slowing economic growth in China, the world’s top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude.
Brent crude futures fell $1.21, or 1.1%, to $105.93 a barrel , while U.S. West Texas Intermediate (WTI) crude futures fell 99 cents, or 1%, to $103.70 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday.
Economic Events
Economic Calendar | ||||
Monday, May 02, 2022 | ||||
Time | Country | Event | Forecast | Previous |
13:25 | EUR | German Manufacturing PMI (Apr) | 54.1 | 54.1 |
19:30 | USD | ISM Manufacturing PMI (Apr) | 57.6 | 57.1 |
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Disclaimer: All information in this report is collected from various sites on the internet. Although we have taken all precautions for the correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed are the author’s own views. We are not responsible for any losses on account of following the same.
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