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Published on 22/01/2021 9:09:34 AM | Source: Geojit Financial Services Ltd

Indian Rupee ended at 72.99 yesterday, up 6 paise against its previous close of 73.05 - Geojit Financial

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

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News Box

* Indian Rupee ended at 72.99 yesterday, up 6 paise against its previous close of 73.05.

* FBIL set the reference rate for USDINR at 73.1251 and Euro at 88.8046.

* RBI is set to release its weekly FX reserves data later today.

* US dollar reversed its losses and waited more cues to take a direction.

* In economic news, US jobless claims fell slightly while manufacturing PMI flash and existing home sales are due today.

* Euro fell while UK’s pound despite the news of full closure of UK borders.

* On the data front, UK’s manufacturing and services PMI flash for Jan are scheduled in the day.

* ECB and BoJ in their respective policy meeting maintained status quo.

* Data showed, Japan’s CPI declined 1.2% YoY in Dec against 0.9% MoM.

* PBOC has set the yuan reference rate at 6.4617 versus Thursday's fix at 6.4696.

 

OUTLOOK - USDINR

Ongoing weak trend in US dollar supported the Indian currency that posted gains for a third day. Local unit yesterday opened at 72.96 a dollar and made an intraday high of 72.93 but reversed some of its gains to close at 72.99, 6 paise higher against its previous close of 73.05. On the previous day, Rupee appreciated by 12 paise. FIIs were buyers in the capital market segment on 21 Jan 2021; bought shares worth Rs 1614.66cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 1039.48cr for the same period. Oil prices fell after the recent API and investors started digesting the latest stimulus. Now, the markets are waiting US EAI crude inventory data. In other news, Iraq reduced 2021 oil exports to India to meet the OPEC+ production deal. Bank of Japan in its policy meeting kept its interest rates steady but lifted its economic forecast for next fiscal year. Another central bank, ECB also kept the interest rates and stimulus program unchanged. For USDINR, 73.13 and 73.33 may act as crucial levels in the upside while 72.85 and 72.63 will act as support levels.

 


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