Indian Rupee ended at 73.07 on Friday, down 3 paise against its previous close of 73.04. - Geojit Financial
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* Indian Rupee ended at 73.07 on Friday, down 3 paise against its previous close of 73.04.
* FBIL set the reference rate for USDINR at 73.0243 and Euro at 88.6447.
* Data released showed domestic trade deficit in goods widened to $15.44 billion in December.
* RBI’s weekly data showed FX reserves rose by $758 billion to touch a record of $586.082 billion.
* US dollar was marginally higher tracking the gains in treasury yields.
* In economic news, US retail sales fell in Dec while consumer sentiment witnessed pullback in Jan.
* Euro edged lower while UK’s pound rebounded on the hopes of negative rates.
* ECB governor is scheduled to speak in the later part of the day.
* Japan’s yen was trading flat as investors focused on President elect Biden stimulus plan.
OUTLOOK - USDINR
The Indian currency fell after a three-day winning journey following weakness in domestic equity markets and its Asian peers. However, continued capital inflows supported the Rupee. Local unit on the last trading day of the week, opened at 73.07 a dollar and made an high and low of 72.99 and 73.15 before settling the day at 73.07 against its previous close of 73.04. On Thursday, Rupee was up 11 paise. FIIs were buyers in the capital market segment on 15 Jan 2021; bought shares worth Rs 971.06cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 942.07cr for the same period. Oil prices again came under pressure on demand concerns. For the week central bank meeting around the globe to be in focus with ECB and BoJ being the major ones in the list. For USDINR, 73.17 and 73.38 may act as crucial levels in the upside while 72.89 and 72.67 will act as support levels.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
