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Rupee Gains On Foreign Fund Inflows - HDFC Securities
Indian rupee gained in yesterday’s session amid foreign fund inflows in domestic equity and debt market. So far this month, foreign institutions bough worth $1.98b equities and $1.34b debt.
Global agency S&P retained India’s sovereign ratings at “BBB-” with stable outlook, saying the country’s GDP is likely to gradually recover towards longer term trend rates over the next two to three years. The impact of the same would be positive for the bond.
Spot USDINR expected to trade downward and touch to ascending trend-line support around 71.15. A close below same may take it to six months low of 70.35.
Indian bonds are poised to advance for a second week on optimism the central bank will continue to take measures to boost cash in the financial system. Benchmark 10-year bond yield fell 5bps to 6.43% on Thursday and is now down 2bps for the week. Yield slumped 16bps last week as the central bank announced injection up to Rs.1t via long-term repo operations.
Among the major currencies, euro worsened after data earlier this weak showing a plunge in euro zone manufacturing output reinforced expectation that monetary policy will remain accommodative. While pound gained as PM Boris Johnson’s appointment of a new finance minster will lead to more fiscal spending to help Britain weather its transition away from the EU.
USDINR February Futures :
* USDINR February futures has double bottom support around 71.
* The paise is consolidating near short term moving average of 21 days.
* Momentum oscillators are hovering near center line, indicating consolidation of momentum.
* Broadly, the pair expected to consolidate in the range of 72.50 to 71.
USDINR FEBRUARY FUT. DAILY CHARTS
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