Published on 24/01/2020 10:03:50 AM | Source: Geojit Financial Services Ltd

FBIL set reference rate for dollar at 71.2056 and euro at 78.9124 - Geojit Financial

Posted in Currency Report| #Currency Tips #Geojit Financial Services Ltd

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News Box

* Rupee ended at 71.26 a dollar yesterday, down 7 paise against its previous close of 71.19.

* FBIL set reference rate for dollar at 71.2056 and euro at 78.9124.

* Global Funds Buy Net INR13.5b of India Stocks Thursday: NSE; Foreigners Buy Net INR26.5b Indian Equity Derivatives Thursday.

* Yield on 6.45% bonds maturing July 2029 at 6.60% on Jan. 23.

* RBI to release its weekly forex and bank credit data today.

* US dollar edged higher against a basket of currencies on the back of deal virus concerns.

* In the economic news, weekly jobless claims rose less than expected.

* US markit manufacturing and services PMI flash for Jan are due in the day.

* Euro traded near 7-week low after ECB policy meeting decision while UK's pound rose against euro on Brexit deal hopes.

* ECB in its monetary policy meeting kept its interest rates unchanged as expected.

* Data awaited for the region included Euro are and UK's manufacturing PMI flash.

* USD/JPY is little changed as on Friday but down 0.6% this week after back-to-back weekly gains.

* Data released showed Japan's inflation rate hit an 8-month high while services PMI rose to 4- month high.

* China market to remain shut for a week for Lunar Holiday


Traders' Corner

After a relief rally on Wednesday, the Indian currency again came under pressure in-line with other Asian currencies unnerved by the deadly virus outbreak in China. However positivity triggered by RBI OMO, rally in the domestic equity markets and FIIs buying restricted more downside. Local unit yesterday opened at 71.21 a dollar and traded in a range of 71.16 and 71.35 before settling the day at 71.26 against its previous close of 71.19. On the previous day, Rupee appreciated by 2 paise.

FIIs were buyers in the capital market segment; bought shares worth Rs 1352.13cr on 23 Jan as per exchange's provisional figures. DIIs on the other end were sellers to the tune of 984.56cr for the same period. Oil price continued to slip on the concerns of oversupply. European Central Bank came out with its policy decision yesterday where the central bank maintained its status quo and launched a review for the first time since 2003 in order to deal with the inflation. In the domestic front, RBI conducted a special OMO where the India's central bank bought Rs 10,000cr bonds and sold Rs 2950cr debt. Today, RBI to released its weekly FX reserves data.

For USDINR pair, 71.41 and 71.63 will be the major levels on the upside. Conversely if 71.11 level breaks, then 70.80 level will be in play.



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