* Indian Rupee ended at 73.38 yesterday, up 7 paise against its previous close of 73.45.
* FBIL set the reference rate for USDINR at 73.297 and Euro at 86.8804.
* US dollar gave up some of its gains as the focus turned towards Central bank Chairman’s testimony.
* US FOMC Chair will testify today before House of Representatives.
* In economic news, US existing home sales is due later in the day.
* Euro traded steady while UK’s pound fell against American currency.
* ECB president in her speech said to be “attentive to the euro’s appreciation”.
* Japan market will be closed today for Autumn Equinox holiday.
* PBOC yesterday kept its loan prime rates unchanged for 5th straight month.
OUTLOOK - USDINR
Despite weakness in the domestic equity markets, the Indian currency strengthened against USD to close higher by 7 paise. Local unit on Monday opened at 73.43 a dollar and moved in a range of 73.26 and 73.50 before settling the day at 73.38 against its previous close of 73.45. On Friday, Rupee was up by 21 paise. FIIs were sellers in the capital market segment on 21 Sep 2020; bought shares worth Rs 539.81cr as per exchange’s provisional figures. DIIs, on the other end were also sellers to the tune of Rs 517.95cr for the same period. Oil prices recouped their losses as awaited more weekly data. This week, the major trigger will be Fed Chairman’s testimony.
For USDINR, 73.54 and 73.81 may act as crucial levels in the upside while 73.23 and 72.88 will act as support levels.
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