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Published on 9/04/2020 1:01:04 PM | Source: HDFC Securities Ltd

Rupee to Gain on Risk Rally Ahead Easter Holiday - HDFC Securities

Posted in Currency Report| #HDFC Securities #Currency Tips

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Rupee to Gain on Risk Rally Ahead Easter Holiday -  HDFC Securities

* The rupee on fell by 71 paise to close at a record low of 76.34 against the dollar. On Wednesday, there was huge dollar buying by custodian banks that caters foreign portfolio investors and ECB related outflows which weighed on rupee. Beside weakness in domestic equities, no intervention from central bank also dragged rupee lower. The rupee lost 6.5% so far in 2020, making it the third worst performer in Asia after the Indonesian Rupiah and the Thai Baht.

* Today, we could see thin volumes with positivity in rupee as forex markets heading into a long weekend amid Easter.

* Indian officials are working with the United States to secure a dollar swap line that would help in providing an additional comfort in an event of any abrupt outflow of funds. Any announcement of the swap will stabilize the rupee which has been under pressure amid foreign fund outflows.

* Today offers a moderately hopeful landscape for Asian risk assets after a strong day on US markets overnight punctuated by pandemic-peak hopes and a surge in crude after Russia said it is willing to cut output.

* Dollar index drops after Fed minutes. The majority of the Fed minutes released was simply a chronicle of what we’ve been living through over the last month. Powell has already said that rates would be kept here until the FOMC is confident that the economy has regained its footing, so that’s not news.

 

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