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Market closed on weaker note as of the monthly derivatives contract expiry.
USDINR closed at 60.12 against its open 60.09
Recent data have reinforced market expectations that the Chinese economy is powering through its recent soft patch as the government uses targeted stimulus measures to support growth.
Funds from Middle Eastern and Asian investors were trickling in again as the Muslim fasting month ends, helping to shore up regional stocks.
Geopolitical concerns remain as the conflict in the Ukraine does not look like it will end soon, but there is some relief spreading that the impact will be contained.
Factory activity surveys for major Asian economies will also be released on Friday.
It had already been under pressure from a range of factors including expectations of further easing by the European Central Bank and diverging interest rates seen favouring the U.S. over Europe.
While the attention of equity and currency markets has shifted towards major corporate earnings and macroeconomic trends, geopolitical issues remained a key factor in commodities such as oil.
The Futures contract for dollar/rupee will expire on Jul 29 on the multi-commodity exchange and investors were seen squaring their existing positions.
The Fed policy will provide more direction to the market as investors are refraining from taking major positions now.
Indian Financial markets will remain shut tomorrow to celebrate a local festival and there has been a 15% increase in remittances from the Gulf between June and July.
European Union ambassadors are expected to meet to finalise sanctions that could include closing EU capital markets to state-owned Russian banks.
Moody has said India's measures to raise the investment limit for FIIs in government bonds is a positive for the country's credit profile.
The Reserve Bank of India last week increased the limit available for foreign institutional investors by $5 billion to $25 billion but kept the overall limit intact by lowering the limits for long-term foreign investors such as sovereign wealth funds
Fedral Reserve Ends Bond Buying Program
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