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Published on 17/01/2020 10:46:27 AM | Source: ICICI Direct

Daily Currency Outlook 17 January 2020 - ICICI Direct

Posted in Top Stories| #Currency Tips #ICICI Direct

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Forex and global equities

* The rupee pared early gains and settled lower by 11 paise at 70.94 against the US dollar on Thursday amid a steady rise in crude oil prices and dollar demand from importers

* The dollar remained steady a day after China and the US signed the phase one trade deal aimed at easing tensions between the two largest economies in the world

* Equity benchmarks witnessed range bound activity and ended the session on a positive note at 12355, up 0.1%

* Meanwhile, the broader markets continued to outperform, as the Nifty midcap, small cap rose 0.8% and 0.5%, respectively

 

Debt and FII activity

* Bonds gained amid speculation the central bank will announce another Operation Twist later today. The monetary authority’s previous three announcements have all come on Thursdays, typically after the close of trading

* US treasury prices recorded gains after three days of decline and ended at 1.81 vs. 1.78, up 1.4%

* Precious metals got off to an explosive early start to 2020 as tensions between the US and Iran drove safe-haven buying. However, gold corrected towards $1550 and is likely to find support around current levels

* Oil held its biggest gain in almost two weeks on optimism a less aggressive approach on trade from the US will help revive growth

* Foreign institutional investors (FII) were net seller to the tune of | 822 crore on January 15, 2019

* FIIs have been net seller of more than | 5887 crore in January 2020

 

INR futures and Outlook

* The dollar-rupee January contract on the NSE was at 71.02 in the previous session. Open interest increased almost 1.85% in the previous session

* Utilise downsides in the pair to initiate long positions

 

US$INR currency

 

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