Published on 19/11/2019 10:17:44 AM | Source: Geojit Financial Services Ltd

Rupee ended at 71.84 a dollar yesterday, down 6 paise against its previous close of 71.78 - Geojit Financial

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

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News Box

* Rupee ended at 71.84 a dollar yesterday, down 6 paise against its previous close of 71.78.

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

* Global Funds Sell Net INR2.71B of India Stocks Monday: NSE; Foreigners Sell Net INR585M of India Equity Derivatives Monday

* Yield on 6.45% bonds maturing July 2029 at 6.48% on Nov. 18

* US dollar fell as optimism over a preliminary trade deal between US and China faded.

* On the central bank side, FOMC to release its Oct meeting minutes on Wednesday.

* Euro rose against USD to an 11-day high while UK's pound edged higher on hopes of Conservative win.

* ECB is scheduled to release its minutes from Oct meeting on Thursday.

* Japan’s yen traded in a narrow range as investors weigh the situation in Hong Kong and await further progress in U.S.-China trade talks.

* According to news report, BoJ Governor said to continue with powerful monetary easing.

* PBOC have fixed USD/CNY at 7.0030 versus previous day's fix of 7.0037.


Traders' Corner

After a higher opening, the Indian currency gave up all of its gains and settled lower by 6 paise amid strong USD and continued capital outflows. Volatile moves in the domestic equity market also weighted in the currency. Local unit yesterday opened at 71.67 a dollar but fell to a low of 71.86 before ending the day at 71.84 against its previous close of 71.78. On Friday, Rupee was up by 18 paise.

FIIs were sellers in the capital market segment; offloaded shares worth Rs 270.66cr as per exchange's provisional figures on 18 Nov while DIIs on the other end were buyers to the tune of Rs 309.45cr for the same period. Oil prices slipped as of lack of clarity from the trade developments. This week apart from trade developments, central bank minutes ( FOMC and ECB) and Winter session of the Parliament will be watched for any stimulus announcement.

For USDINR pair, 71.96 and 72.17 will be the major levels on the upside. Conversely if 71.73 level breaks, then 71.61 level will be in play.




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