Published on 24/10/2019 10:20:04 AM | Source: Geojit Financial Services Ltd

Rupee ended at 70.91 a dollar yesterday, up 3 paise against its previous close of 70.94 - Geojit Financial

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

News Box

* Rupee ended at 70.91 a dollar yesterday, up 3 paise against its previous close of 70.94.

* FBIL set reference rate for dollar at 70.8731 and euro at 79.0641.

* Global Funds Sell Net INR2.13b of India Stocks Wednesday: NSE; Foreigners Buy Net INR4.19b of India Equity Derivatives Wednesday.

* Yield on 7.26% bonds maturing Jan 2029 at 6.69% on Oct. 23.

* US dollar was steady against a basket of currencies focusing on the trade news.

* In economics news, initial and continuing jobless claims will be release later today.

* Euro awaited ECB monetary decision later today while UK's pound stabilised after volatile move.

* Japan’s yen hovered near recent lows against the dollar as concerns over a hard Brexit recede, supporting sentiment for risk assets.

* In the data front, Japan's manufacturing PMI shrank the most since June 2016.

* PBOC has set the Yuan reference rate at 7.0727 versus Wednesday's fix at 7.0752.


Traders' Corner

Indian currency continued its optimism for a fifth trading session tracking the gains in the domestic equities and easing oil prices. But fresh capital outflows along with lack of major triggers capped more upside . Local unit yesterday opened lower at 71.01 a dollar and fell to a low of 71.03 before settling the day at 70.91 against its previous close of 70.94. On the previous session, Rupee appreciated by 20 paise.

FIIs were sellers for a second straight day; sold shares worth Rs 213.23cr as per exchange's provisional figures yesterday. DIIs, on the other end were also sellers to the tune of Rs 137.38cr for the same period. Oil prices were mostly steady on economic data and OPEC's assurance for a deeper production cuts. Markets will now start to focus on the central bank meetings with ECB being the first one in the list that will release its decision today. The meeting will also mark the swansong of current ECB head Mario Draghi before his retirement by the month end.

For USDINR pair, 71.11 and 71.29 will be the major levels on the upside. Conversely if 70.69 level breaks, then 70.45 level will be in play.


To Read Complete Report & Disclaimer Click Here


For More Geojit Financial Services Ltd Disclaimer 
SEBI Registration Number: INH200000345


Views express by all participants area for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer