August will be the testing ground

India's current account deficit hit a record high 4.8% of GDP, while its economic growth has slowed to a decade low of 5%. On Tuesday, Indian Rupee has dropped to all time low of 63.77 against US dollar, breaching the previous low of 62.03. Policymakers' measures to prop up the currency have so far proved ineffective. Further measures are expected but are unlikely to be effective in the current scenario, as rupee is estimated to go further down. It is estimated to touch 64.45 mark.

On the Tokyo Commodity Exchange, August futures series were trading in negatives at ¥255.5, September at ¥255.7, October at ¥256.3, November at ¥257.4, December at ¥260, and the contract for delivery in January at ¥262.3 a kg, on Tuesday at 13.10 JST.