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Published on 7/07/2020 9:16:15 AM | Source: Geojit Financial Services Ltd

Indian Rupee ended at 74.68 yesterday, down 2 paise against its previous close of 74.66 - Geojit Financial

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

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News Box

* Indian Rupee ended at 74.68 yesterday, down 2 paise against its previous close of 74.66.

* FBIL set the reference rate for USDINR at 74.7843 and Euro at 84.0486.

* US dollar was unchanged as investors turned away their focus from safe haven assets after upbeat data.

* ISM manufacturing PMI for June stood at 57.1 against May’s reading of 45.4.

* In economic news, US JOLTs job openings for May are due for the day.

* Euro advanced on positive German data while UK’s pound gained on better construction PMI.

* Japan’s yen is set to take cues from region’s FX reserves figures in the day.

OUTLOOK - USDINR

Depreciating American currency and steady oil prices aided the Indian currency in the opening session but rupee gave up all its opening gains to end lower by 2 paise in a high volatile session on Monday. Positive domestic equities also supported the Rupee to an extent. Local unit yesterday opened at 74.53 a dollar and touched an intraday high and low of 74.52 and 74.82 respectively before settling the day at 74.68 against its previous close of 74.66. On Friday, Rupee closed higher by 5 paise.

FIIs were buyers in the capital market segment; bought shares worth Rs 348.35cr on 06 Jul 2020 as per exchange’s provisional figures. DIIs, on they were also buyers to the tune of Rs 263.47cr for the same period. Oil prices gained marginally on the tighter supplies from OPEC side and the news that Saudi Arabia raised oil prices for a third consecutive month. Now, the markets also waited US API crude oil data today.

For USDINR, 74.84 and 75.05 may act as crucial levels in the upside while 74.45 and 74.24 will act as major support levels.

 

 

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