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29 May 2023
Monday
it seems world biggest economy has failed to lift market mood, even after reaching debt-ceiling talks.
Rupee opened on a flat note today at 82.58 levels, as major market to remain closed on eve of Memorial Day. However, local unit is expected to head towards north following positive sentiments in the domestic equities supported by FII inflows. Easing crude prices along with increasing exports and expectation of a normal monsoon remains another factor, which may help rupee in near term. Going ahead, market participants would be waiting for couple of key data releases like, India’s Q1 GDP along with manufacturing PMI, which are schedule this week and would be important factors to decide rupee fortune for upcoming time.
On international front, it seems world biggest economy has failed to lift market mood, even after reaching debt-ceiling talks. On weekend, U.S. President and top congressional Republican member had reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling, which would suspend the debt limit through January of 2025 while capping spending in the 2024 and 2025 budgets. Going ahead, crude prices too were flat this morning possibly averting a default in the world's largest economy and oil consumer, but concerns about further interest rate hikes capped gains.
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