News Box

* Indian markets to remain closed on Monday on account of Diwali holiday.

* Rupee ended at 71.02 a dollar yesterday, down 11 paise against its previous close of 70.91.

* FBIL set reference rate for dollar at 70.9373 and euro at 78.9225.

* Global Funds Sell Net INR728.7M of India Stocks Thursday: NSE; Foreigners Buy Net INR1.67b of India Equity Derivatives Thursday.

* Yield on 6.45% bonds maturing July 2029 at 6.50% on Oct. 24.

* RBI scheduled to release its weekly FX reserves data later today.

* US dollar traded higher against a basket of currencies focusing on trade news.

* In economic news, US factory activity (Oct) grew the most in six months while weekly initial jobless claims fell.

* Euro was flat after ECB policy decision while UK's pound fell on region's election uncertainty.

* European Central Bank in its monetary policy meeting kept the interest rates unchanged.

* Japan’s yen steadied and was likely to drop for a third week as concerns over a hard Brexit and the U.S.-China dispute ease.

* PBOC has set the Yuan reference rate at 7.0749 versus Thursday's fix of 7.0727.

Traders' Corner

After higher opening, the Indian currency halted its five day rally against American currency amid month end dollar demand from the importers. Also the fluctuating oil prices and continued capital outflows along with the weakness in the equity markets weighted in the currency. Rupee yesterday opened at 70.79 a dollar but slipped to a low of 71.08 before settling the day at 71.02 against its previous close of 70.91.

FIIs were sellers in the capital market segment for past three days; sold shares worth Rs 72.87cr on 24 Oct while DIIs, on the other end also followed the same rhythm with offloading shares worth Rs 738.75cr for the same period. After its initial gains, oil prices reversed as growth concerns grabbed the markets. Investors focus were also shifted towards central banks' meeting, where ECB kept its policy rates and forward guidance unchanged but warned on the slowing global growth. Now the major event will be the Fed policy meeting next week. On the domestic front, Indian markets will be shut on Monday (28 Oct) on the back of Diwali holiday.

For USDINR pair, 71.21 and 71.42 will be the major levels on the upside. Conversely if 70.89 level breaks, then 70.64 level will be in play.

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