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Published on 20/09/2019 9:58:42 AM | Source: Geojit Financial Services Ltd

Euro remained in downward pressure while UK's pound stabilised after BoE policy meeting - Geojit Financial

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

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News Box

*  Rupee ended at 71.32 a dollar yesterday, down 0.11% against its previous close of 71.24.

*  FBIL set reference rate for dollar at 71.3132 and euro at 78.9052.

*  Global Funds Sell Net INR8.93b of India Stocks Thursday: NSE; Foreign Investors Sell Net INR9.32B of India Equities on Sept. 18.

* Yield on 7.26% bonds maturing Jan 2029 at 6.64% on Sept. 19.

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

*  US dollar traded lower against a basket of currencies after more central banks turned hawkish than expected.

*  On the data side, US initial jobless claims rose less than expected giving signs of stronger job market.

*  Euro remained in downward pressure while UK's pound stabilised after BoE policy meeting.

*  Japan’s yen steadied after snapping a three-day decline on Thursday when the Bank of Japan kept monetary policy unchanged.

*  The People’s Bank of China slashed its monthly one-year lending rate (LPR) to 4.20% vs. 4.25% previous.

*  PBOC has set the yuan reference rate at 7.0730 versus previous day’s fix of 7.0732.

 

Traders' Corner

After a relief rally in previous day, Indian currency started to slide against USD as the latter took strength from the recent Fed policy outcome. Also unabated fund outflows and weakness in domestic markets weighted on the currency. Local unit yesterday opened lower at 71.34 and moved in a range of 71.07 to 71.37 before ending the session at 71.32 against its previous close of 71.24.

BoJ released its policy decision where the central bank maintained its status quo but hinted a October activity if economic slowdown continued. BoE was another central bank that met for its policy decision where England's central bank held its interest rates citing Brexit uncertainty. FIIs were sellers in the capital market segment; sold equities worth Rs 892.52 cr. Now for the markets next week's expiry will be a major trigger.

For USDINR pair, 71.50 and 71.86 will be the major levels on the upside. Conversely if 71.18 level breaks, then 71.03 level will be in play.

 

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