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Rupee heads toward worst quarterly drop after 2013 - HDFC Securities
* Indian rupee heads for the worst quarterly drop after June 2013. The foreign fund outflows from the domestic equities and bond market, risk-off sentiments and spread of COVID19 weighed on rupee.
* Foreign institutions sold worth $5.62bn equities and $9.15bn bonds in the last quarter.
* Indian rupee expected to trade with positive bias following higher equities and stronger Asian currencies after china reported better than expected manufacturing and service sector activities. Trading volumes remain light ahead of the Bank Holiday tomorrow and day after tomorrow.
* Indian Sovereign bonds decline the most in four days as foreigners stepped up selling of government debt. Higher cutoff yields in the state-bond auctions also weighed on bonds. The benchmark 10-year yields rose 7bps, most since March 23, to 6.21%.
* RBI announced injecting 250b rupees of liquidity into the banking system through its targeted long-term repo ops on April 3. Finance minister and RBI will meet today for first half borrowing.
* The US dollar gains against the euro and pound and weakens a hair against the yen. The Fed's swap line, recently tapped for $200B, helped to tame pressure for the dollar as evident in the cross currency basis, especially versus the Yen.
USDINR April Futures :
* USDINR April futures formed Doji candlestick near support line indicating indecisiveness among the traders. The confirmation of trend reversal will be either above high or low of the candle i.e. 76.18 and 75.33.
* Momentum oscillators are placed in overbought zone.
* As the overall trend remains bullish one should wait for the higher side breakout level of 76.18.
USDINR APRIL FUT. DAILY CHARTS
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