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* Indian currency ended at 75.16 yesterday, up 78 paise against its previous close of 75.94.
* FBIL set the reference rate for USDINR at 75.8814 and Euro at 81.5432.
* US dollar slipped against a basket of currencies while Canadian dollar climbed to a nine-day high.
* In economic times, US weekly jobless claims rose to a record high due to deadly virus pandemic.
* US GDP growth for fourth quarter remained unrevised at 2.1%.
* Euro waited more data while UK’s pound to take cues from recent BoE’s policy meeting.
* BoE in its policy meeting held its interest rates at a record high of 0.1%
OUTLOOK - USDINR
Tracking the gains in the domestic equity markets, the forex market witnessed a higher opening which was again supported after the announcement of various welfare measures by the Finance Minister. Local unit yesterday opened at 75.90 a dollar and moved in a range of 75.10 and 75.94 before settling the day at 75.16 against Tuesday’s closing of 75.94. On Wednesday, currency markets were shut on account of Gudi Padwa.
FIIs were sellers in the capital market segment on 26 March; sold shares worth Rs 484.78cr as per exchange’s provisional figures. DIIs, on the other end also turned to sellers to the tune of Rs 769.93cr for the same period. Oil prices were mixed on demand concerns along with stimulus package from various countries. For Indian markets, apart from coronavirus developments macroeconomic data will be in focus.
For USDINR, 75.45 and 76 will be the major levels in the upside while a fall below 74.87 may take to 74.60 levels.
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