Published on 17/01/2020 10:50:15 AM | Source: Geojit Financial Services Ltd

Rupee ended at 70.93 a dollar yesterday, down 11 paise - Geojit Financial

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

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News Box

* Rupee ended at 70.93 a dollar yesterday, down 11 paise against its previous close of 70.82.

* FBIL set reference rate for dollar at 70.8753 and euro at 789097.

* Global Funds Sell Net INR3.95b of India Stocks on Thursday: NSE; Foreigners Sell Net INR2.67B Indian Equity Derivatives Thursday.

* Yield on 6.45% bonds maturing July 2029 at 6.60% on Jan. 16.

* RBI is scheduled to release its weekly FX reserves today.

* US dollar reversed its previous loss against a basket of currencies on positive economic data.

* In economic news, weekly jobless claims fell for a fifth straight week while retail sales in Dec was steady.

* Euro waited more data while UK's pound came under pressure on inflation report and BoE rate cut expectations.

* On the data side, Euro area’s inflation and UK's retail sales are due to release in the later part of the day.

* Japan’s yen fell to a fresh eight-month low versus the dollar after a rally in U.S. stocks boosted risk sentiment

* China's GDP for 2019 release d today remained the weakest growth rate in 29 years.

* PBOC has set the Yuan reference rate at 6.8878 versus Thursday's fix at 6.8807.


Traders' Corner

After a relief rally on Wednesday, Indian currency closed lower by 11 paise yesterday amid USD demand from importers. Rising oil prices despite a uptrend in the domestic equity markets also weighted in the local unit. Rupee on Thursday opened higher at 70.80 a dollar but gave up the gains to touch a low of 70.98 before settling the day at 70.93 against its previous close of 70.82.

Oil prices shrug off Middle East tensions, edged higher taking cues from the US-China front and economic data. FIIs were sellers in the capital markets segment on 16 Jan; sold shares worth Rs 395.24cr as per exchange's provisional figures. DIIs, on the other end were also sellers to the tune of Rs 184.65cr for the same period. As trade news has become subside of now investors will turn focus towards central banks' move and economic data for direction.

For USDINR pair, 71.13 and 71.37 will be the major levels on the upside. Conversely if 70.74 level breaks, then 70.46 level will be in play.


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