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Published on 17/02/2020 12:14:15 PM | Source: ICICI Direct

Daily Currency Outlook 17 February 2020 - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Forex and global equities

* For the week, the rupee continued to remain in a tight band amid high volatility. However, its likely to depreciate marginally and move towards 71.8 levels in coming days

* The US dollar index is trading near its highest level since October as risk aversion continues to dominate sentiments. The Dollar Index is holding firm above 99 levels as the index continued to print 2020 highs

* Equity benchmarks eked out marginal gains and ended the week at 12113

* Broader market also witnessed a pause as the Nifty midcap and small cap ended down 2% each after its recent outperformance

 

Debt and FII activity

* The yield on 10-year bond fell 0.86% and ended at 6.37 last Friday as compared to 6.43

* The yield on the benchmark 10-year US treasury fell 2% on Friday ahead of a long holiday weekend as concerns over the Coronavirus saw an uptick along with a mixed run of data

* Gold was little changed as investors weighed plans by countries hit by the Coronavirus to shore up their economies amid differing assessments of the rate of infections

* Crude oil prices rose 1.7%, which is the biggest weekly gain since September 2019 as hopes that China, Hong Kong and Singapore will give extra stimulus to counter the economic hit from the deadly virus outbreak

* Foreign institutional investors (FII) were net buyer to the tune of | 3906 crore in equities on February 13, 2019. For the month, they remained net buyers of | 27574 crore

 

INR futures and Outlook

* The dollar-rupee February contract on the NSE was at 71.43 in the previous session. Open interest fell 4.0% in the previous session

* Utilise downsides in the pair to initiate long positions

 

US$INR Spot currency

 

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