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Published on 17/09/2020 9:37:48 AM | Source: Geojit Financial Services Ltd

FBIL set the reference rate for USDINR at 73.4169 and Euro at 87.3181 - Geojit Financial

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

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News Box

* Indian Rupee ended at 73.52 yesterday, up 12 paise against its previous close of 73.64.

* FBIL set the reference rate for USDINR at 73.4169 and Euro at 87.3181.

* US dollar edged higher after Fed expects the US economic recovery from current pandemic.

* US retail sales in Aug climbed for third straight month while initial & continuing jobless claims are due today.

* Euro fell while UK’s pound waited region’s central bank meeting.

* BoE is scheduled to meet for its policy meeting on Thursday.

* BoJ began its two day interest rate decision meeting yesterday while decision expected today.

* PBOC has set the yuan reference rate at 6.7675 on Thursday against 6.7825 on Wednesday.

 

OUTLOOK - USDINR

Depreciating American currency and gains in the domestic equity markets supported the Indian currency that snapped its previous day’s down move to close higher by 12 paise. Better than expected trade balance figures also aided the currency move. Local unit yesterday opened at 73.70 a dollar and moved in a range of 73.48 and 73.78 before settling the day at 73.52 against its previous close of 73.64. On Tuesday, Rupee ended down by 16 paise. FIIs were buyers in the capital market segment on 16 Sep 2020; bought shares worth Rs 264.66cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 212.21cr for the same period. Oil prices rose marginally as Fed said that the economy to recover soon. In its policy meeting, US central bank said to leave interest rates near zero and also upgraded its economic forecast for GDP (2020). Central banks meeting around the globe will remain in focus with BoJ and BoE to announce their decisions today.

For USDINR, 73.71 and 73.95 may act as crucial levels in the upside while 73.38 and 73.13 will act as support levels.

 

 

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