Published on 5/11/2019 10:41:05 AM | Source: Geojit Financial Services Ltd

Rupee ended at 70.77 a dollar yesterday, up 4 paise against its previous close of 70.81 - Geojit Financial

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

News Box

* Rupee ended at 70.77 a dollar yesterday, up 4 paise against its previous close of 70.81.

* FBIL set reference rate for dollar at 70.8798 and euro at 79.1198.

* Global Funds Sell Net INR1.39B of India Stocks Monday: NSE; Foreigners Buy Net INR10.4b of India Equity Derivatives Monday.

* Yield on 6.45% bonds maturing July 2029 at 6.48% on Nov. 4.

* In economic news, Oct Services and Composite PMI are due today.

* US dollar edged higher against a basket of currencies on US-China trade deal optimism.

* Euro held mostly steady while UK's pound slipped reversing from recent highs on political uncertainty.

* BoE is slated to meet this Thursday for its monetary policy meeting.

* Japan’s yen stayed near recent lows as U.S.-China trade talks continue to progress.

* China's Services PMI for Oct released today slowed to a eight month low while composite PMI rose to 6-month high.


Traders' Corner

Indian unit continued its up move against American currency for a second day to close higher at five week high led by the optimism of a partial trade deal between US and China. Positivity in the domestic equities also supported the domestic currency. Rupee yesterday opened the session at 70.55 a dollar and hit a high of 70.56; a level last seen on Sep 30. The local unit finally settled at 70.77 against its previous close of 70.81. On the previous day, Rupee appreciated by 11 paise.

FIIs turned to sellers in the capital market segment after four days' of buying as per exchange's provisional figures; sold shares worth Rs 138.53cr on 04 Nov while DIIs also offloaded shares worth Rs 500.24cr for the same period. Oil prices rose to near a one-week high as investors digested the news of imminent US-Sino trade deal. On the domestic front, Oct services and composite PMI are due during the market hours.

For USDINR pair, 70.90 and 71.13 will be the major levels on the upside. Conversely if 70.60 level breaks, then 70.39 level will be in play.


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