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Published on 5/12/2019 10:04:49 AM | Source: Geojit Financial Services Ltd

Rupee ended at 71.53 a dollar yesterday, up 13 paise against its previous close of 71.66 - Geojit Financial

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

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News Box

* RBI to release its fifth bi-monthly monetary policy statement for 2019-20 today.

* Rupee ended at 71.53 a dollar yesterday, up 13 paise against its previous close of 71.66.

* FBIL set reference rate for dollar at 71.6006 and euro at 79.2938.

* Global Funds Sell Net INR7.81b of India Stocks on Wednesday: NSE; Foreigners Sell Net INR7.89B India Equity Derivatives Wednesday

* Yield on 6.45% bonds maturing July 2029 at 6.47% on Dec. 4

* In economic news, domestic services PMI expanded for the first time in three months.

* US dollar stabilised taking cues from recent data and trade deal developments.

* US ADP employment change released yesterday slowed to six month low in November.

* US initial and continuing jobless claims are due today while NFP will be released tomorrow.

* Euro traded steady while UK's pound edged higher to two-year high on opinion polls.

* Japan’s yen was unchanged following a report that the U.S. and China are getting closer to a phase-one trade deal.

* PBOC has set the Yuan reference rate at 70521 versus Wednesday's fix at 7.0513.

 

Traders' Corner

After opening lower and remaining in volatile session, the Indian currency rebounded and closed higher tracking US-China trade developments and ahead of the outcome of central bank policy meeting. Rupee yesterday opened at 71.76 a dollar and hit an high of 71.53 and low of 71.81 before settling the day at 71.53 against its previous close of 71.66.

FIIs continued to be sellers for a fourth day; sold shares worth Rs 781.06cr as per exchange's provisional figures while DIIs were buyers; bought shares worth Rs 904.13cr for the same period. On the trade news, reports showed that US and China are close to strike a deal. For the domestic markets, the major event for the day will be RBI's policy meeting, which began on Tuesday and the decision will be out today.

For USDINR pair, 71.62 and 71.73 will be the major levels on the upside. Conversely if 71.40 level breaks, then 71.28 level will be in play.

 

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