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Published on 9/04/2020 9:54:03 AM | Source: Geojit Financial Services Ltd

US dollar edged higher on the increase in the coronavirus cases - Geojit Financial

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

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News Box

* Indian markets to remain shut tomorrow on account of Good Friday.

* Indian currency ended at 76.34 yesterday, down 70 paise against its previous close of 75.64.

* FBIL set the reference rate for USDINR at 75.8438 and Euro at 82.1328.

* US dollar edged higher on the increase in the coronavirus cases.

* Fed minutes released yesterday showed that the US central bank slashes interest rates on “profoundly uncertain” economy.

* In economic news, US initial and continuing jobless claims are due today.

* Euro dipped after Euro group failed to struck a deal to support the deadly virus hit countries.

* UK’s pound bounced back against American currency.

* BoJ Governor in a meeting said that economic uncertainty is very high.

 

UTLOOK - USDINR

News that government may extend its lockdown period in the wake of fresh coronavirus cases reported in the country, the domestic plunged by 70 paise to its lifetime yesterday. Weak Indian equity markets also weighted on the currency despite FIIs being buyers for a second day. Local unit yesterday opened at 75.83 a dollar and slipped to end the session at 76.34 against its previous close of 75.64. On the previous day, Rupee appreciated by 55 paise. FIIs were buyers in the capital market segment; bought shares worth Rs 1943.41cr as per the exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 1757.79 for the same period. Oil prices stood volatile on the economic data and ahead of the key meeting today. Now apart from coronavirus tensions, macroeconomic data will be in focus for the domestic markets.

For USDINR, a rise above 76.45 may take the currency to more higher levels while 75.98 and 75.60 will act as major support levels.

 

 

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