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Published on 29/05/2020 2:08:00 PM | Source: ICICI Direct

We feel a marginal retracement can be seen towards 75.5 levels in coming days - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Forex and global equities

Spot Currency

* The rupee further depreciated marginally and ended at 75.74 against the US dollar as tensions between the US and China kept on escalating

* The Dollar index failed to hold the important level of 99 and moved to 98.5 levels. Q1 GDP contracted 5%, well below estimates whereas initial jobless claims rose further

 

Global Bonds

* Nifty stocks continued their rally for a second day due to May series settlement and tracking global cues. The rally was driven by heavyweights from banks, metal and auto stocks. This lifted the Nifty near 9500, ending up 2%

* On Thursday, the Bank Nifty witnessed sharp upsides, moving up 700 points during the session and ended with a gain of 375 points. A recovery was seen among private banks like HDFC Bank, IndusInd Bank and Federal Bank whereas PSU banks underperformed

 

FII Activity

* Foreign institutional investors (FII) were net sellers to the tune of Rs. 514 crore on May 26, 2020. In the debt segment, they sold almost Rs. 20450 crore for the month

 

INR futures and Outlook

Currency futures on NSE

* The dollar-rupee contract on the NSE was at 76.01 in the last session. The open interest fell almost 1.9% during the last session

* The Dollar index came under pressure on the back of contracting GDP. US$INR has moved towards its sizeable Call base of 76. We feel a marginal retracement can be seen towards 75.5 levels in coming days

 

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