Published on 18/11/2019 9:50:24 AM | Source: Geojit Financial Services Ltd

Rupee ended at 71.78 a dollar on Friday, up 18 paise - Geojit Financial

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

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News Box

* Rupee ended at 71.78 a dollar on Friday, up 18 paise against its previous close of 71.96.

* FBIL set reference rate for dollar at 71.7109 and euro at 79.0445.

* Yield on 6.45% bonds maturing July 2029 at 6.52% on Nov. 15

* 1-month USD/INR NDF at 71.94 while 3-month USD/INR NDF at 72.48.

* Winter session of the Parliament to begin today and to continue till Dec 13.

* US dollar traded cautiously as investors waited more cues from the trade talks end.

* FOMC to release its Oct meeting minutes on Wednesday.

* Euro was steady while UK's pound was trading flat.

* Euro to announce its minutes from Oct meeting on Thursday.

* Japan’s yen edged higher as investors await further progress in U.S.-China trade talks while also watching the worsening situation in Hong Kong.

* PBOC set the Yuan reference rate at 7.0037 versus Friday’s fix at 7.0091.


Traders' Corner

Indian currency continued its uptrend for a second day tracking the gains in the domestic equity markets and optimism of a deal between US and China. However continued fund outflows and rising oil prices capped more upside. Local unit on Friday opened at 71.80 a dollar and moved in a range of 71.68 and 71.87 before settling the day at 71.78 against its previous close of 71.96. On weekly basis, the currency unit 50 paise.

FIIs were sellers in the capital market segment; sold shares worth Rs 1008.37cr as per exchange's provisional figures while DIIs were buyers to the tune of Rs 537.74cr for the same period. Oil prices were up led by the hopes over a AmericaSino deal. India's trade deficit narrowed to $11.01 billion compared with $18 billion last year on the steeper contraction in imports. RBI released its weekly FX reserves on Friday, where the figures touched a new high of $447.81 billion in the week to Nov 08. This week apart from trade developments FOMC minutes and Winter session of the Parliament will be watched for any stimulus plan.

For USDINR pair, 71.93 and 72.17 will be the major levels on the upside. Conversely if 71.56 level breaks, then 71.35 level will be in play.


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