Published on 4/11/2019 10:13:21 AM | Source: Geojit Financial Services Ltd

FBIL set reference rate for dollar at 70.8095 and euro at 79.0338 - Geojit Financial

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

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News Box

* Rupee ended at 70.81 a dollar on Friday, up 11 paise against its previous close of 70.92.

* FBIL set reference rate for dollar at 70.8095 and euro at 79.0338.

* Global Funds Buy Net INR5.33B of India Stocks Nov. 1: NSE; Foreigners Buy Net INR29.1b of India Equity Derivatives Nov. 1.

* Yield on 6.45% bonds maturing July 2029 at 6.45% on Nov. 1.

* Forex Reserves+$1.8b to record $442.6b in week ended Oct. 25.

* On the data front, Oct services and composite PMI will be released on Tuesday.

* US dollar traded steady against a basket of currencies on mixed economic data.

* In economic news, Oct Nonfarm Payrolls beat market expectations while ISM factory activity shrank for a third month.

* Euro awaited ECB new head's speech while UK's pound looked on to the Brexit developments.

* Japan market remained closed for Culture Day holiday

* PBOC has set the Yuan reference rate at 7.0382 versus Friday's fix at 7.0437


Traders' Corner

After a flat opening tracking week macroeconomic cues and keeping eyes on the developments on US-China trade talks, the Indian currency reversed its move to close higher by 11 paise on the back of American currency selling by banks and importers. Positivity in the domestic equities and continued capital inflows aided the currency. Local unit on Friday opened at 70.96 and touched a low of 70.98 before recovering to end at 70.81 against its previous close of 70.92. On Thursday, Rupee depreciated by 2 paise.

FIIs were buyers in the capital market segment for a fourth consecutive day; bought shares worth Rs 533.37cr as per exchange's provisional figures on 01 Nov. DIIs, on the other hand were sellers to the tune of Rs 136.50cr for the same period. Indian markets were trading higher for six straight days while oil prices rose on falling US rig count. Macro-economic data were in focus with Oct manufacturing PMI falling to a two year low on softening demand. For USDINR pair, 71.06 and 71.24 will be the major levels on the upside. Conversely if 70.68 level breaks, then 70.39 level will be in play.


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