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Published on 4/05/2020 9:51:32 AM | Source: Geojit Financial Services Ltd

US dollar edged higher on escalating tension between US and China - Geojit Financial

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News Box

* Indian markets were closed on Friday on account of Maharashtra Day.

* Indian currency ended at 75.09 on Thursday, up 57 paise against its previous close of 75.66.

* FBIL set the reference rate for USDINR at 75.1150 and Euro at 81.6170.

* In economic news, domestic manufacturing PMI for Apr is scheduled to be released today.

* US dollar edged higher on escalating tension between US and China.

* On the data front, US manufacturing fell to an 11-year low last month.

* Euro traded lower while UK’s pound slipped against American currency.

* Japan market to be on holiday today and tomorrow owing to National Day holiday.

* China market will be shut today and tomorrow on account of Labour Day holiday.

 

OUTLOOK - USDINR

Indian currency continued winning streak for a fourth day tracking the gains in domestic equity and weak USD overseas. Capital inflows also supported the local unit. On Thursday, Rupee opened at 75.17 and drifted in a range of 74.94 and 75.20 before settling the day at 75.09 against its previous close of 75.66. On Friday, Indian markets were closed on account of Maharashtra Day.

FII s were buyers in the capital market segment on 30 Apr; bought shares worth Rs 1968.8cr as per exchange’s provisional figures. DIIs, on the other end were also buyers to the tune of Rs 579.03cr for the same period. Oil prices reversed its last week gains as the demand concerns returned on the recent American and US tensions. Apart from Covid-19 developments, macroeconomic figures and central bank meeting will be in focus.

For USDINR, 75.29 and 75.51 may act as a crucial level in the upside while 74.84 and 74.64 will act as major support

 

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