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Published on 27/10/2020 11:11:10 AM | Source: Geojit Financial Services Ltd

FBIL set the reference rate for USDINR at 73.578 and Euro at 86.775. - Geojit Financial

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

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News Box

* Oct Currency F&O expiry is due today.

* Indian Rupee ended at 73.84 yesterday, down 23 paise against its previous close of 73.61.

* FBIL set the reference rate for USDINR at 73.578 and Euro at 86.775.

* US dollar traded higher on safe haven demand amid rising pandemic cases.

* Euro fell on weak German Ifo business data while UK’s pound was mostly steady.

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

* Bank of Japan will begin its two day interest rate decision meeting on Thursday.

* China’s Communist Party started its four day annual meeting yesterday.

* PBoC set yuan mid-point at 6.6989 vs last close of 6.7118.

OUTLOOK - USDINR

The Indian currency fell for a second day against US dollar as the latter strengthened on the political uncertainties. Local unit yesterday opened at 73.77 a dollar and made an intraday high and low of 73.69 and 73.88 before settling the day at 73.84 against its previous close of 73.81. On Friday, Rupee was down by 7 paise. FIIs turned to sellers on 26 Oct2020 in capital market segment; sold shares worth Rs 119.42cr as per exchange’s provisional figures. DIIs, on the other end were also sellers to the tune of Rgeos 979.16cr for the same period. Oil prices rose after OPEC chief’s comments that “do not expect renewed oil collapse”. This week apart from coronavirus news, central banks’ meeting to be focus with BoJ and ECB coming out with their decisions. For USDINR, 73.99 and 74.25 may act as crucial levels in the upside while 73.63 and 73.46 will act as support levels.

 

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