* Indian Rupee ended at 74.75 yesterday, down 1 paise against its previous close of 74.74.
* FBIL set the reference rate for USDINR at 74.7678 and Euro at 85.5708.
* US dollar traded marginally lower as focus shifted towards political tensions.
* In economic news, US existing home sales rose 20.7% in June while initial and jobless claims are due today.
* Euro was unchanged while UK’s pound declined on the news of abandoning of EU trade deal.
* Tomorrow UK is set to release its retail sales for June.
* PBOC has set the Yuan reference rate at 6.9921 versus Wednesday's fix at 6.9718.
OUTLOOK - USDINR
Strengthening American currency and domestic equity markets slipping into negative territory dampened the currency outlook that gave up its opening gains to end flat yesterday. After opening higher at 74.61 a dollar, the local unit on Wednesday made an intraday high and low of 74.59 and 74.87 before settling the day at 74.75 against its previous close of 74.74. On Tuesday, Rupee closed the session up by 17 paise. FIIs were buyers in the capital market segment on 22 Jul 2020; bought shares worth Rs 1665.57cr as per exchanges’ provisional figures. DIIs, on the other end were sellers to the tune of Rs 1138.83cr for the same period. Oil prices remained volatile on escalating tensions between US and China along with a recent data showing unexpected rise in US crude inventories.
For USDINR, 74.86 and 75.28 may act as crucial levels in the upside while 74.59 and 74.34 will act as support levels.
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