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Published on 21/01/2021 9:24:30 AM | Source: Geojit Financial Services Ltd

Indian Rupee ended at 73.05 yesterday, up 12 paise against its previous close of 73.17 - Geojit Financial

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

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News Box

* Indian Rupee ended at 73.05 yesterday, up 12 paise against its previous close of 73.17.

* FBIL set the reference rate for USDINR at 73.1803 and Euro at 88.5101.

* US dollar slipped against a basket of currencies on the stimulus optimism by newly elected President.

* In economic news, weekly initial and continuing jobless claims are due today.

* Euro edged higher while UK pound found support from BoE’s official’s comment on economic recover.

* ECB will meet for its interest rate decision meeting later today.

* Japan’s yen waited the region’s central bank’s policy meeting decision in the day.

* BoJ began its two-day monetary policy meeting yesterday.

* PBOC has set the yuan reference rate at 6.4696 versus Wednesday's fix at 6.4836.

 

OUTLOOK - USDINR

The Indian currency continued its optimism for a second day; settled higher by 12 paise on Wednesday tracking the weakness in American currency. Positivity in domestic equity markets and capital inflows also aided the currency move. Local unit yesterday opened at 73.11 a dollar and witnessed an intraday high and low of 73.05 and 73.14 before closing the session at 73.05 against its previous close of 73.17. On Tuesday, Rupee appreciated by 11 paise. FIIs were buyers in the capital market segment on 20 Jan 2021; bought shares worth Rs 2289.05cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 864.62cr for the same period. Oil prices erased its gains after the recent US API data showed unexpected rise in the crude oil inventories. Now the markets are waiting, US EIA crude inventories data that is scheduled in the day. Another trigger for the markets will be central bank meetings where BoJ kick off their policy meeting yesterday while the decision expected today while ECB will release its policy decision later today. For USDINR, 73.15 and 73.33 may act as crucial levels in the upside while 72.91 and 72.74 will act as support levels.

 

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