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Published on 9/09/2020 9:39:54 AM | Source: Geojit Financial Services Ltd

RBI is set to conduct an OMO on Thursday - Geojit Financial

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News Box

* Indian Rupee ended at 73.60 yesterday, down 25 paise against its previous close of 73.35.

* FBIL set the reference rate for USDINR at 73.338 and Euro at 86.8513.

* In economic news, Industrial production for Jul is due on Friday.

* RBI is set to conduct an OMO on Thursday.

* US dollar edged higher as investors shifted focus towards safe haven assets.

* On the data front, US JOLTs job opening is due to release today.

* Euro fell ahead of region’s policy meeting while UK’s pound slipped on Brexit talks.

* ECB is set to meet for its monetary policy meeting on Thursday.

* Japan’ yen gained as waited more economic data.

 

OUTLOOK - USDINR

Tracking the weakness in the domestic equity markets and American dollar demand from financial institutions made the Indian currency to close lower for a second day. Continued capital outflows also weighted in the currency move. After beginning at 73.63 a dollar, local unit moved in a range of 73.37 and 73.64 before settling the day at 73.60 against its previous close of 73.35. On Monday, Rupee depreciated by 21 paise. FIIs were sellers in the capital market segment; sold shares worth Rs 1056.52cr on 08 Sep 2020 as per exchange’s provisional figures. DIIs, on the other end were buyers to the tune of Rs 620.29cr for the same period. Oil prices continued their down move on the concerns over the economic growth may stall due to the current pandemic situation. This week, apart from IIP data, RBI’s OMO will be in focus.

For USDINR, 73.81 and 74.15 may act as crucial levels in the upside while 73.49 and 73.27 will act as support levels.

 

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