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Published on 2/09/2020 10:51:44 AM | Source: Geojit Financial Services Ltd

Indian Rupee ended at 72.87 yesterday, up 73 paise against its previous close of 73.60 - Geojit Financial

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

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News Box

* Indian Rupee ended at 72.87 yesterday, up 73 paise against its previous close of 73.60.

* FBIL set the reference rate for USDINR at 73.5951 and Euro at 87.5742.

* In economic news, India’s Markit manufacturing PMI rose to 52 in Aug against 46 MoM.

* US dollar rebounded from a two year low on better PMI numbers.

* On the data front, US ADP employment change is set to release today.

* Euro fell after Germany reduced its GDP forecast while UK’s pound also declined.

* PBOC has set the yuan reference rate at 6.8376 versus Tuesday's fix at 6.8498.

 

OUTLOOK - USDINR

The Indian currency edged higher to past 73-mark, this time supported by central bank of India’s assurance. Also gains in the domestic equity markets supported the Rupee. Local unit yesterday opened at 73.18 a dollar and gained the momentum to close higher by 72.87 against its previous close of 73.60. On the day, it swung in between an intraday high and low of 75.25 and 73.19 respectively. FIIs were buyers in the capital market segment; bought shares worth Rs 486.09cr on 01 Sep as per the provisional figures. DIIs, on the other end were sellers to the tune of Rs 775.23cr for the same period. Oil prices continued its uptrend after US API data showed crude inventories fell last week for the sixth time in a row. RBI yesterday said that it would raise the ratio of securities (SLR) to limit the market volatility losses.

For USDINR, 73.02 and 73.33 may act as crucial levels in the upside while 72.61 and 72.46 will act as support levels.

 

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