MENU

Published on 23/01/2020 11:23:45 AM | Source: ICICI Direct

Daily Currency Outlook 23 January 2020 - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Forex and global equities

* The rupee strengthened by 1 paise to end at 71.20 against the US dollar on Wednesday amid easing crude oil prices. The next trigger for the currency will be the Union Budget and RBI Monetary policy

* The US dollar weakened slightly in late trading on Wednesday amid a slew of data. The dollar index, which measures the greenback against six major peers, declined 0.02% to 97.5230 in late trade

* Equity benchmarks formed a lower high-low and ended on Wednesday at 12107, down 63 points

* The Bank Nifty maintained its downtrend and ended lower for eight consecutive session to close down 0.8% on Wednesday. The decline was broad based as nine out of the 12 index constituents closed in the red

 

Debt and FII activity

* Benchmark 10-year bonds remained flat at 6.64 ahead of RBI’s action on bonds scheduled today

* Treasuries eked out small gains during the US session on Wednesday, leaving long-end yields lower marginally as traders were taken by surprise by the US Treasury’s plan to resume selling 20-year bonds

* Gold advanced as risk aversion returned to markets amid ongoing efforts to control the widening coronavirus outbreak

* Oil extended declines from the lowest close in seven weeks on speculation that China’s coronavirus outbreak may dent demand as the market tackles a glut of global crude supplies

* Foreign institutional investors (FII) were net buyers to the tune of | 533 crore on January 21, 2019

* FIIs have been net buyers of more than | 1449 crore in January 2020

 

INR futures and Outlook

* The dollar-rupee January contract on the NSE was at 71.26 in the previous session. Open interest increased almost 1.38% in the previous session

* Utilise downsides in the pair to initiate long positions

 

US$INR currency

 

To Read Complete Report & Disclaimer Click Here

 

For More ICICI Direct Disclaimer http://icicidirect.com/disclaimer.html
SEBI Registration number is INZ000183631

 

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