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Published on 9/07/2020 10:20:41 AM | Source: Geojit Financial Services Ltd

The US dollar earlier got strength from the news of rising pandemic cases - Geojit Financial

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

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News Box

* Indian Rupee ended at 75.02 yesterday, down 9 paise against its previous close of 74.93.

* FBIL set the reference rate for USDINR at 74.8609 and Euro at 84.6113.

* On the data front, domestic IIP for May is scheduled to be released tomorrow.

* US dollar slipped as investors turned focus from safe haven assets.

* In economic news, weekly initial and continuing jobless claims to released later today.

* Euro edged higher while UK’s pound rose after the summer statement.

* China’s yuan is set to take cues from the inflation numbers for June that will be out today.

 

OUTLOOK - USDINR

Strengthening American currency on the back of surge in the covid-19 cases made the Indian currency to snap its opening gains to close lower by 9 paise. Also, the weakness in the domestic equity markets dampened the currency outlook. Local unit witnessed a higher beginning at 74.88 a dollar and touched an intraday high and low of 74.87 and 75.05 before settling at 75.02 against its previous close of 74.93. On the previous day, Rupee depreciated by 25 paise. The US dollar earlier got strength from the news of rising pandemic cases and Fed warning on economic growth but later slipped to a two week low on rising equity markets and commodity prices. Oil prices were steady as of the rise in the coronavirus cases and larger than expected crude inventories. FIIs were sellers in the capital market segment on 08 Jul 2020; sold shares worth Rs 994.87cr as per exchange’s provisional figures. DIIs, on the other end were also sellers to the tune of Rs 853.41cr for the same period. For USDINR, 75.17 and 75.33 may act as crucial levels in the upside while 74.77 and 74.58 will act as support levels.

 

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