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Published on 26/11/2020 10:44:09 AM | Source: Geojit commodity

Indian Rupee ended at 73.91 yesterday, up 10 paise against its previous close of 74.01. - Geojit Financial

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* Indian Rupee ended at 73.91 yesterday, up 10 paise against its previous close of 74.01.

* FBIL set the reference rate for USDINR at 73.9752 and Euro at 87.6917.

* US dollar traded lower on weak economic data and vaccine hopes.

* In economic new, initial jobless claims was highest in five weeks while Q3 GDP stood unrevised at 33.1%.

*  US markets are closed today on account of Thanksgiving Day holiday.

* FOMC minutes showed the policymakers are “committed to use its full range of tools to support the US economy”.

* Euro rose while UK’s pound traded marginally higher against USD.

* ECB is scheduled to publish the account of its October meeting on Thursday.

* Japan’s yen appreciated against the greenback.

 

OUTLOOK - USDINR

 

The Indian currency continued its uptrend for a fourth day against American currency as the latter took cues from the Covid-19 vaccine hopes. Local unit yesterday opened at 73.98 a dollar and moved in a range of 73.88 and 74.02 before settling the day at 73.91; a nearly one-month high. On the previous day, the currency appreciated by 10 paise. FIIs were buyers in the capital markets segment on 25 Nov 2020; bought shares worth Rs 24.2cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 1840.33cr for the same period. Oil prices edged higher after recent US EIA data reported an unexpected fall in US crude stockpiles. Today minutes from ECB to be in spotlight. For USDINR, 74.14 and 74.33 may act as crucial levels in the upside while 73.78 and 73.55 will act as support levels.

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