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Published on 24/03/2020 10:29:48 AM | Source: Geojit Financial Services Ltd

USDINR, 76.42 and 76.70 will be the major levels in the upside while a fall below 76 may take to 75.60 levels - Geojit Financial

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

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News Box

* Indian Rupee ended at 76.29 today, down 110 paise against its previous clos of 75.19.FBIL set the reference rate for USDINR at75.0063 and Euro at 80.6468.

* US dollar traded higher against a basket of currencies on safe have demand.

* Euro waited more economic data while UK's pound slumped I'm recent sell-off.

* The Canadian Dollar fell on Monday, responding negatively to intraday swings in sentiment-linked crude oil prices.

OUTLOOK - USDINR

Global uncertainty triggered by increase in corona virus cases persisted to grapple the forex markets around the globe which in turn dragged the domestic curreny that fell beyond 76 mark for the first time in history. After opening at 76.02 a dollar, the local unit hit an record low of 76.32 before settling at 76.29 against previous close of 75.19.Oil struggled on the concerns of economic slowdown amid fast spread of the deadly virus and despite the recent Fed stimulus plan. FIIs continued to be sellers in the capital market segment; sold shares worth Rs 2989.29cr on 23 Mar while DII were buyers to the tune of Rs 1082.24cr for the same period. In central bank front, US central bank after a rate cut in its previous meeting this time came out with a stimulus package with no limit to counter the coronavirus. Now main trigger for the Indian markets will RBI policy meet that is scheduled next month. For USDINR, 76.42 and 76.70 will be the major levels in the upside while a fall below 76 may take to 75.60 levels.

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