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Published on 30/03/2020 10:12:08 AM | Source: Geojit Financial Services Ltd

Indian currency ended at 74.89 on Friday, up 78 paise against its previous close of 75.16 - Geojit Financial

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

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News Box

* RBI in its policy meeting reduced interest rates the most in a decade and maintained accommodative policy stance.

* Indian currency ended at 74.89 on Friday, up 78 paise against its previous close of 75.16.

* FBIL set the reference rate for USDINR at 75.8814 and Euro at 81.5432.

* In economic times, tomorrow eight core industries for Feb is scheduled to released.

* US dollar posted its biggest weekly fall since 2009 against a basket of currencies.

* On the data side, Nonfarm payrolls for Mar will be released on Friday.

* Euro gained against USD while UK’s pound rose on the country’s stimulus package.

* On Tuesday, UK to announce its GDP growth rate for the fourth quarter.

 

OUTLOOK - USDINR

The Indian currency started the session on a higher note led by the positive sentiment on the back of stimulus packages from various countries around the globe which was again aided by the domestic central bank’s surprise move. On Friday, the local unit opened at 74.60 a dollar and made a high and low of 74.35 and 75.40 before paring some of its gains to end at 74.89 against its previous close of 75.16. On Thursday, Rupee appreciated by 78 paise.

Oil prices posted a fifth straight weekly loss as deadly virus took a toll on the global demand. Recent Baker Hughes rig count data showed the largest single week drop since February 2016. In an immediate meeting, in-line with other central banks, RBI reduced its interest rate by 75 bps to 4.40%. Now apart from Covid-19 developments, macro-economic data will be in focus in the domestic front.

For USDINR, 75.18 and 75.53 will be the major levels in the upside while a fall below 74.58 may take to 74.33 levels.

 

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