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Published on 12/08/2020 9:21:49 AM | Source: Geojit Financial Services Ltd

FBIL set the reference rate for USDINR at 74.9556 and Euro at 88.7829 - Geojit Financial

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

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News Box

* Indian Rupee ended at 74.78 yesterday, up 12 paise against its previous close of 74.90.

* FBIL set the reference rate for USDINR at 74.9556 and Euro at 88.7829.

* In economic news, IIP (June) and CPI for July are scheduled to be released tomorrow.

* US dollar traded higher following the tensions between US and China.

* On the data front, weekly initial and continuing jobless claims will released tomorrow.

* Euro fell against UD dollar while UK’s pound waited region’s GDP numbers later today.

* PBOC has set the yuan reference rate at 6.9597 versus Tuesday's fix at 6.9711.

OUTLOOK - USDINR

Indian currency continued its uptrend to close higher by 12 paise led by the weakness in the American currency. Capital inflows and positivity in the equity markets also supported the Rupee. Local unit yesterday opened higher at 74.83 a dollar and closed at 74.78 against its previous closing of 74.90.On the previous, Rupee depreciated by 3 paise in the ending session. FIIs were buyers in the capital market segment; bought shares worth Rs 1013.66cr on 11 Aug 2020 as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 1415.54cr for the same period. Oil prices rose after US API data showed US crude oil inventories fell for a third week. Today, OPEC monthly report and weekly US EIA data will be in focus. For Indian markets, Industrial production and inflation numbers will be in limelight.

For USDINR, 74.96 and 75.27 may act as crucial levels in the upside while 74.60 and 74.49 will act as support levels.

 

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