victorybull

Author: victorybull

  • On Tuesday, the dollar struggled to find buyers as the market mood improved

    On Tuesday, the dollar struggled to find buyers as the market mood improved

    allowing the currency to remain reasonably resilient against its peers. Eurostat will publish the euro area’s first-quarter Gross Domestic Product (GDP) numbers. Later in the day, a 10-year US Treasury note auction will take place, and the US Census Bureau will release statistics on Wholesale Inventories. The trade action might continue muted ahead of the European Central Bank’s (ECB) policy announcements on Thursday and the US inflation data on Friday Despite the lack of high-impact data announcements, Wall Street’s major indexes rose sharply on Tuesday. US stock index futures, on the other hand, are down between 0.3 and 0.4 percent so far on Wednesday, indicating a cautious market sentiment. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, is up slightly at 102.50.






    The raised its key repo rate by 50 basis points to 4.9 percent on Wednesday, while keeping the reserve repo rate at 3.35 percent constant.

    After initially soaring to 77.95, the USD/INR has recovered to 77.70 China’s Vice Commerce Minister stated in a statement a day before the release of the country’s trade balance figures that importers and exporters are still under pressure owing to logistical issues and rising material prices. On Tuesday, the EUR/USD fell to a five-day low of 1.0652 before recovering its losses. In the European session, the pair is trading just below 1.0700.





    After dipping to a multi-week low below 1.2500 on Tuesday, the GBP/USD closed the day in positive territory, aided by risk flows. The pair has been maintaining its gains below 1.2600 at the time of writing.

    Above 133.00, the USD/JPY is at its highest level in 20 years. Japan’s GDP dropped by 0.5 percent on an annualised basis in the first quarter, according to official figures. On Wednesday, Bank of Japan Governor Haruhiko Kuroda stated that his comment on families’ acceptance of price rises had been withdrawn. “Rapid currency weakness in a short period of time, as observed recently, is undesirable,” Kuroda continued, although his words did not help the yen find buyers On Tuesday, gold took advantage of falling US T-bond rates to end a two-day losing skid. In the European session, XAU/USD appears to have stabilised at Bitcoin is continuing to fall after suffering minor daily losses on Tuesday, and was last noted around $30,500, down 2% on the day. Ethereum remains on the back foot, trading within a hair’s breadth of $1,800.

  • The stock prices of MRPL and Chennai Petroleum have risen by 19% as a result of positive business prospects

    The stock prices of MRPL and Chennai Petroleum have risen by 19% as a result of positive business prospects

    In an otherwise sluggish market, shares of Mangalore Refinery & Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL) soared up to 19% and touched 52-week highs on Tuesday’s session on the BSE amid strong volumes The fact that the Singapore gross refining margin (GRM) has risen to a new high of $25.2 per barrel is good news for Indian refiners that transform crude oil into refined goods. Individual equities such as MRPL rose 19% to Rs 107.35, while CPCL rose 17% to Rs 374.80. The S&P BSE Sensex, on the other hand, was down 0.93 percent at 55,159 at 10:07 a.m. On good profits, CPCL has soared 234 percent and MRPL has soared 145 percent in the last three months, compared to a 4% rise in the benchmark index.





    When compared to the average trading volume over the previous 10 trading days, these counters’ trading volumes virtually tripled. On the NSE and BSE.

    a total of 24 million shares traded on the MRPL counter, while 8.02 million shares traded on the CPCL counter. With effect from today, the stock exchanges have increased the circuit limit on certain equities from. CPCL is a downstream petroleum company. It makes a variety of petroleum products with added value. MRPL is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), which owns 71.63 percent of the company’s ownership. CPCL recorded a four-fold increase in its consolidated net profit in the January-March quarter (Q4FY22), from Rs 242 crore in Q4FY21 to Rs 1,002 crore in Q4FY22. Year on year (YoY), revenue from operations increased by 43% to Rs 20,997 crore from Rs 14,705 crore in the preceding quarter.





    Higher crude output and greater gross refining margins helped MRPL achieve a standalone net profit of Rs 3,008 crore in Q4FY22, compared to Rs 268 crore in Q4FY21. MRPL adopted several steps to increase marketing margins in domestic, export and B2B (business to business) transactions. As a result, gross operating revenue increased 36% year on year to Rs 28,228 crore from Rs 20,793 crore in Transport fuel product cracks are now trading at multi-quarter highs. According to experts at ICICI Securities, GRMs are projected to gain from a refining landscape, and the MRPL is predicted to generate robust earnings in the short future Meanwhile, on the BSE, Oil and Natural Gas Corporation (ONGC) rose 6% to Rs 162.85. Oil India set a new 52-week high of Rs 288.95 in intraday trade Wednesday, up 4%, after soaring 15% in the previous two trading days.

  • Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

    Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

    The dollar extended its overnight run into Asian trading hours on Tuesday, reaching new two-decade highs against the yen as concerns over continuing inflation drove up US bond rates The dollar gained ground against the euro, pound, and Swiss franc. It also rose against the Australian dollar, with the market divided on whether the country’s central bank will raise Australia’s key interest rate by a quarter-point later in the day or opt for something bigger The Australian dollar fell 0.15 percent to $0.7183, continuing its decline from a six-week high of $0.72825 reached last Frida.





    The dollar rose to 132.305 yen on Tuesday, a level not seen since April 2002, boosted by a surge in the 10-year Treasury yield above 3.05 percent for the first time in almost four weeks. The currency pair was last trading at 132.12, up 0.17 percent.

    In contrast, the curve management strategy has kept corresponding Japanese rates close to zero, with central bank governor Haruhiko Kuroda maintaining an unflinching commitment to “strong” monetary stimulus on Monday The Commonwealth Bank of Australia attributes the yen’s weakness to not just yield differentials but also Japan’s reliance on energy imports, though it does not predict much further weakening Strong US job statistics at the end of last week fueled speculations that price pressures will persist for a longer period, perhaps prompting the Federal Reserve to take more aggressive action Consumer pricing data on Friday will give more insight into the Fed’s rate-hiking strategy ahead of next week’s policy meeting when a half-point hike is generally predicted. The dollar index, which compares the currency to six major peers, rose 0.04 percent to 102.51, extending Monday’s 0.26 percent raise The euro fell 0.9% to $1.0686 ahead of the European Central Bank‘s rate-setting meeting on Thursday, with traders demanding more clarity on what comes next, having already priced in many rises and the end of bond-buying stimulus Sterling fell 0.04 percent to $1.2523. It gained 0.29 percent in the previous session as Prime Minister Boris Johnson survived a no-confidence vote but was left vulnerable. The US dollar increased by 0.11 percent to 0.97125 Swiss francs

  • Ahead of the RBI policy announcement, India’s 10-year bond rate reaches 7.5 percent, the highest level since 2019

    Ahead of the RBI policy announcement, India’s 10-year bond rate reaches 7.5 percent, the highest level since 2019

    In early trade on Monday, India’s benchmark 10-year bond yield hit its highest level since March 2019 as investors braced for a 50-basis-point rate hike later this week while rising global crude oil prices weighed on the mood.







    The 10-year bond yield in India was trading at 7.4965 percent, up 4 basis points from the previous close. The yield climbed to 7.5004 percent, its highest level since March 22, 201 The will focus on interest rate rises in the coming months in a relatively short tightening cycle, with the repo rate expected to hit its terminal level early next year Oil prices jumped more than $2 in early trading on Monday as Saudi Arabia boosted pricing for its oil sales in July, indicating how tight supply remains despite OPEC+ agreeing to increase output over the next two months.

  • The price of 10 grams of gold is Rs 52,250, while the price of a kilogram of silver is Rs 62,000

    The price of 10 grams of gold is Rs 52,250, while the price of a kilogram of silver is Rs 62,000

    On Thursday, the price of 10 grammes of 24-carat gold increased by Rs 160 to Rs 52,250, while the price of one of silver increased by Rs 400 to Rs 62,000. The price of 10 grammes of 22-carat gold has increased by Rs 150, and the precious metal is now selling for Rs 47,900 The price of 10 grammes of 24-carat gold in Delhi and Mumbai is the same as it is in Bangalore, Hyderabad, and Kolkata, with the precious metal retailing for Rs 52,250 in these cities In Delhi and Mumbai, the price of 10 grammes of 22-carat gold is comparable to the price of 10 grammes of 22-carat gold in Bangalore, Hyderabad, and Kolkata, with the metal selling for Rs 47,900 in these cities. However, 10 kilos of 24-carat gold costs Rs 52,770 in Chennai and 10 grammes of 22-carat gold costs Rs 48,370 in the city.




    In Delhi, Mumbai, and Kolkata, one kilogramme of silver costs Rs 62,000, while the metal costs Rs 66,500 in Chennai, Bengaluru, and Hyderabad.

  • The rupee begins the day with a gain against the US Dollar

    The rupee begins the day with a gain against the US Dollar

    In early trade on Thursday, the rupee was trading higher versus the US dollar. However, due to a stronger dollar in outside markets, the immediate gain was limited On the interbank forex market on Thursday, the rupee rose 3 paise to 77.52 against thedollar Meanwhile, in early morning activity on Thursday, stock markets opened in the green. The Sensex rose 0.35 percent, or 190.36 points, to 53,939.62 points, while up 0.21 percent, or 33.90 points, to 16,059.70 points.





    In limited activity on Wednesday, the rupee rebounded 2 paise to close at 77.55 against the US dollar The US dollar recovered from two days of losses ahead of the release of the US Federal Reserve’s meeting minutes later this month. Against a basket of six major currencies, the US dollar index rose 0.4 percent to 102.25 The rupee opened higher versus the dollar in the interbank forex market, at 77.54, and traded in a range of 77.44 to 77.57 in the day session. The rupee finally closed at 77.55 against the dollar, up 2 paise from its previous finish of 77.57.

  • The Rupee Rose 5 Paise To 77.52 Against The Dollar, As Local Equities Continued To Rise

    The Rupee Rose 5 Paise To 77.52 Against The Dollar, As Local Equities Continued To Rise

    In early trade on Wednesday, the rupee rose 5 paise to 77.52 against the US dollar, as a robust trend in local equities improved investor spirits However, forex traders claimed that rising and continuing foreign capital outflows restricted the local currency’s appreciation bias The rupee opened at 77.54 against the dollar on the interbank foreign exchange, then climbed to 77.52, up 5 paise from the previous close. Early on, it was trading in a tight range of 77.54 to 77.51 The rupee had previously finished at 77.57 per dollar in the previous session. The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.06 percent at 101.92.




    On the domestic equities market, the 30-share Sensex was up 242.62 points, or 0.45%, at 54,295.23, while the broader NSE Nifty was up 68.85 points, or 0.43 percent, at 16,194 points. Brent crude futures rose 1.20 percent to USD 114.92 a barrel, a new high According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 2,393.45 crore.

  • The Sensex Drops 236 Points In Turbulent Trade, Reversing Early Gains

    The Sensex Drops 236 Points In Turbulent Trade, Reversing Early Gains

    On Tuesday, equity indices failed to hold onto their morning gains, with the Sensex dropping 236 points due to a sell-off in information technology firms and negative global market trends The opened higher but was unable to maintain its gains, falling 236 points, or 0.43 percent, to 54,052.61. It traded between 53,886.28 and 54,524.37 during the day. The broader NSE Nifty ended at 16,125.15, down 89.55 points, or 0.55 percent Among the Sensex pack’s biggest laggards were Tech Mahindra, Hindustan Unilever, HCL Technologies, Asian Paints, NTPC, Tata Steel, Infosys, Axis Bank.




    and Bajaj Finserv. Dr Reddy’s Laboratories, HDFC, Power Grid Corporation of India, Kotak Mahindra Bank, HDFC Bank, and Nestlé, on the other hand, were among the biggest gainers Hong Kong, Shanghai, Seoul, and Tokyo all finished lower in Asia. In the afternoon, European exchanges were also trading down. On Monday, US stock markets finished higher Brent crude, the international oil standard, fell 0.46 percent to $112.9 per barrel According to stock market data, foreign institutional investors continued their selling binge on Monday, offloading shares worth a net Rs 1,951.17 crore.

  • Bank of Baroda Expects ECB Inflows To Reduce As Iterest Rates Rise And The Currency Depreciates

    Bank of Baroda Expects ECB Inflows To Reduce As Iterest Rates Rise And The Currency Depreciates

    According to Bank of Baroda, corporate India’s offshore fundraising through external commercial borrowings (ECBs) may reduce in the coming months as monetary policy tightens and the rupee continues to depreciate ECBs have become a significant source of funding for businesses, including public sector entities. In reality, as of the end of December 2021, ECBs amounted for 36.8% of India’s external debt. According to RBI data, ECB approvals increased to $38.2 billion in FY22 from $34.8 billion the previous year.





    The relative cost advantage resulting from lower global interest rates for an extended period of time drove this increase in the use of the ECB route. It also supported growth by supplementing the country’s credit demand.

    With expected to rise, the relative appeal of ECB inflows may wane. In addition, the Indian currency’s recent devaluation will weigh on ECB inflows this year In a research note, BOB stated that on-lending/sub-lending is the most common reason for businesses to borrow cash from abroad. In FY22, its market share was 21.5 percent The firms also used monies raised through ECBs to fund previous ECBs. In FY22, this group had a share of 18.4 percent Rupee loan refinancing through new ECB approvals has climbed from from 6.5 percent in FY17 to 13.2 percent in FY22. According to BOB, ECBs are increasingly being used for new projects as well as modernization of existing ones.




    The capital market, banks, and foreign collaborators were the most common sources of ECB funding, according to data from the previous four year Lower global interest rates have prompted companies to look for funding in capital markets all over the world. Despite a substantial drop in global interest rates, the share of overseas capital markets in overall ECB approvals has risen sharply from 12.6 percent in FY19 to 33.2 percent in Other commercial banks’ market share has dropped from 44.4 percent in FY19 to 25.3 percent in FY22. Approvals from Indian commercial bank branches abroad, on the other hand, climbed from 14.7 percent to 19.8% in FY22.

  • In Early Trade, The Rupee Is Trading Flat Against The US Dollar

    In Early Trade, The Rupee Is Trading Flat Against The US Dollar

    On Tuesday, the rupee opened flat versus the US dollar, owing to a lackluster trend in domestic equity markets and continued foreign capital outflows The rupee opened sluggish versus the dollar at 77.56 on the interbank foreign exchange, before becoming volatile and trading in a narrow range of 77.56 to 77.51. The native currency was trading at 77.56 against the US dollar, down barely 1 paisa from the previous close The rupee had finished at 77.55 versus the dollar in the previous session. The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.19 percent at 102.27.






    The was down 59.07 points, or 0.11 percent, at 54,229.54 points, while the broader NSE Nifty was down 28.15 points, or 0.17 percent, at 16,186.55 points in the domestic equity market. Brent crude futures fell 0.61 percent to USD 112.73 a barrel, the global benchmark According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 1,951.17 crore RBI Governor Shaktikanta Das intimated on Monday that another interest rate hike in early June would be necessary to bring the stubbornly high inflation rate down. The next meeting of the Monetary Policy Committee (MPC) is scheduled for June 6-8.