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Published on 10/07/2020 9:54:20 AM | Source: Geojit Financial Services Ltd

Indian Rupee ended at 74.99 yesterday, up 3 paise against its previous close of 75.02 - Geojit Financial

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

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* Indian Rupee ended at 74.99 yesterday, up 3 paise against its previous close of 75.02.

* FBIL set the reference rate for USDINR at 75.0270 and Euro at 84.5399.

* On the data front, domestic IIP for May is scheduled to be released today.

* US dollar traded higher against a basket of currencies led by safe haven demand.

* In economic news, US jobless claims fell to four-month low for the week ended July 04.

* Today, US PPI figures for June are waiting to be release.

* Euro fell on weak German data while UK’s pound edged lower after investors digested the summer statement.

 

OUTLOOK - USDINR

Indian currency rebounded from its three losses to close higher by 3 paise tracking the weakness in American dollar. However, the gains in the domestic equity markets aided the Rupee. Local unit yesterday opened at 74.94 a dollar and hit an intraday high of 74.91 before settling at 74.99 against its previous close of 75.02. On the previous day, Rupee depreciated by 9 paise. FIIs were buyers in the capital market segment on 09 Jul 2020; bought shares worth Rs 212.77cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 803.39cr for the same period. Oil prices shifted in between gains and losses as glut and pandemic concerns swirled. Economic data to be focus for the domestic markets apart from news of coronavirus count. For USDINR, 75.18 and 75.34 may act as crucial levels in the upside while 74.79 and 74.58 will act as support levels.

 

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