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Published on 31/03/2020 10:45:02 AM | Source: Geojit Financial Services Ltd

Indian currency ended at 75.59 yesterday, down 70 paise against its previous close of 74.89 - Geojit Financial

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

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News Box

* Indian currency ended at 75.59 yesterday, down 70 paise against its previous close of 74.89.

* FBIL set the reference rate for USDINR at 74.8434 and Euro at 82.6411.

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

* Domestic forex markets will be shut on Wednesday and Thursday.  US dollar rose against a basket of currencies led by the safe haven demand.

* On the data side, US pending home sales for Feb beat estimates while Nonfarm payrolls for Mar will be released on Friday.

* Euro traded down while UK’s pound waited more data to get a direction in markets.

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

* China’s yuan fell after PBOC reduced a key interbank interest rate by the most in 5 years.

* From China, official PMI numbers will be released on today while Caixin survey will be out on Wednesday and Friday.

 

OUTLOOK - USDINR

In-line with weak domestic equity markets, the Indian currency plunged by 70 paise in the closing session. The strengthening American dollar and fund outflows also weighted in the domestic unit. Rupee on Monday opened at 75.17 a dollar and moved in a range of 75.10 and 75.63 be fore settling the day at 75.59 against its previous close of 74.89. On Friday, Rupee appreciated by 78 paise.

FIIs changed to sellers in the capital market segment after two days of buying; sold shares worth Rs 4363.61cr on 30 March as per the exchange’s provisional figures. DIIs, on the other end were buyers to the tune of Rs 3550.33cr for the same period. Oil prices slumped to its lowest level in 18 years amid Saudi Arabia-Russia standoff and global demand concerns on coronavirus speedy spread. Now apart from Covid-19 developments, macro-economic data will be in focus in the domestic front. Indian forex market to remain shut on 01 and 02 April on the back of Annual Bank closing and Ram Navami holidays.

For USDINR, 75.84 and 76.28 will be the major levels in the upside while a fall below 75.31 may take to 75.12 levels.

 

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