FXMarketAlerts Team
FXMarketAlerts
Published at 06:21 (GMT) 31 Jul
ET: Weak rainfall in July may lead to a more than 4 per cent deficit in this year's monsoon midway through the four-month season, although water levels in reservoirs remained better than last year, except in south India. With the shortfall in July, the season's rainfall will slip into a deficit from a surplus of more than 16 per cent at the end of June, weather officials said. "We should expect the rainfall deficit in the month of July at 14-15 per cent, compared to our forecast of an 8 per cent deficit," said DS Pai, head of long-range forecasting at the IMD. "Monsoon deficit so far has not adversely affected the country's water reservoir levels, except in Andhra Pradesh, Telangana, Karnataka and Maharashtra, where the usage of water for drinking and irrigation may have to be regulated if it doesn't rain soon," a government official said.
On FX, USD/INR opened slightly higher at 64.1000 vs. yesterday's close of 64.0400 on a broad USD move following the GDP data release. The pair continued to wobble around the 64.0000 handle and retested the 64.1100 (28 Jul high) resistance in early trading. Eyeing further advances towards the week's high of 64.2100. Meanwhile, SENSEX opened strong and was up by >1.0% at last sight. 10Y yields trading near 7.805% at last check. CC
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