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Published on 1/09/2020 10:58:30 AM | Source: Geojit Financial Services Ltd

US dollar traded lower against a basket of currencies as focus shifted towards economic data - Geojit Financial

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

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News Box

* Indian Rupee ended at 73.60 yesterday, down 20 paise against its previous close of 73.40.

* FBIL set the reference rate for USDINR at 73.3528 and Euro at 87.0673.

* In economic news, GDP for Q1 contracted by 23.9% while fiscal deficit crossed full year target in four months.

* Today India to release its Markit manufacturing PMI figure for August month.

* US dollar traded lower against a basket of currencies as focus shifted towards economic data.

* On the data front, US manufacturing PMI is due in the later part of the day.

* Euro gained while UK’s pound also rose against American currency.

* PBOC has set the yuan reference rate at 6.8498 versus Monday's fix at 6.8605.

 

OUTLOOK - USDINR

The Indian Rupee retreated from its previous gain to close lower by 20 paise on the renewed China border tensions. Macro-economic numbers that were scheduled to be released in later part of the day also added to the tensions. Local unit on the day opened at 73.26 maintaining its last day’s move and moved to make a high of 73.25. After that the currency lost its charm and made an intraday low of 73.80 before settling the day at 73.60 against its previous close of 73.40. Oil prices gained supported by weak USD. FIIs were sellers in the capital market segment; sold shares worth Rs 3395.49cr on 31 Aug as per exchange’s provisional figures. DIIs, on the other end changed to buyers after a month of selling; were buyers to the tune of Rs 680.88cr for the same period. Lockdown continued to dampen the domestic economic growth with India’s Q1 GDP collapsing to 23.9% compared to a growth of 3.1% in the previous quarter. Fiscal deficit data released breached its full year target. Eight core industries data also announced yesterday contracted for fifth consecutive month. Today manufacturing PMI for Aug is due to release.

For USDINR, 73.83 and 74.02 may act as crucial levels in the upside while 73.44 and 73.19 will act as support levels

 

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