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Published on 23/10/2020 10:49:35 AM | Source: Geojit Financial Services Ltd

FBIL set the reference rate for USDINR at 73.4546 and Euro at 87.0564. - Geojit Financial

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

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News Box

* Indian Rupee ended at 73.54 yesterday, up 4 paise against its previous close of 73.58.

* FBIL set the reference rate for USDINR at 73.4546 and Euro at 87.0564.

* RBI is set to release its weekly FX reserves data later today.

* US dollar edged higher as lack of clarity over region’s fiscal package.

* In economic news, US jobless claims fell more than expected while flash PMI figures are scheduled in the day.

* Euro fell while UK’s pound slipped on weak than expected consumer confidence data.

* On the data front, UK’s retail sales for Sep is due today.

* Data released showed Japan’s services PMI for Oct fell to 46.6 from 46.9 MoM.

* PBOC has set the yuan reference rate at 6.6703 versus Thursday's fix at 6.6556.

OUTLOOK - USDINR

The Indian currency snapped its three day losing streak to end higher by 4 paise aided by the capital inflows. Also investors kept waiting for a new stimulus plan from White house supported the Rupee to an extent. Local unit yesterday opened at 73.77 a dollar and made an intraday high and low of 73.53 amd 73.78 before ending the session at 73.54 against its previous close of 73.58. On the previous day, Rupee depreciated by 9 paise. FIIs were buyers in the capital market segment; bought shares worth Rs 1118.46cr as per exchange’s provisional figures on 22 Oct 2020. DIIs, on the end were sellers to the tune of Rs 2019.87cr for the same period. For markets, any breakthrough in US pre-election coronavirus bill will be a major trigger. For USDINR, 73.69 and 73.78 may act as crucial levels in the upside while 73.42 and 73.21 will act as support levels.

 

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