Thursday, 12 July 2018

Good Morning!

Oil prices fell sharply on news that Libya was suddenly set to restore hundreds of thousands of barrels per day. Brent sank more than 6 percent during the trade as Libya’s National Oil Corp. (NOC) said that it would lift the force majeure on several major export terminals and resume shipments of oil. U.S stocks slid on escalated trade war tensions after US threatened to impose tariffs on an additional $200 Bln worth of Chinese goods. Early raiser Asian stocks rose despite lingering concerns around the US and Chinese trade war. SGX Nifty is also indicating a positive start to the Indian Bourses. Indian Rupee is likely to open near 68.70 and is expected to trade between 68.55 – 68.85 range for the day.

Karvy Forex.

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.