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Published on 19/03/2020 11:23:28 AM | Source: Geojit Financial Services Ltd

USDINR pair is poised to take support at 74.2 and move higher towards 74.8-75.2 - Geojit Financial

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News Box

* Dollar Index rose to the highest level since 2017,

* FIIs sold shares worth Rs 5085.35 crore while, DIIs bought shares worth Rs, Rs3636.44 crore.

* Govt may cut rate on small savings schemes in next quarter

* ECB lends banks $112 billion to ease funding stress

* Global growth may shrink to 1% in 2020 says Economic Intelligence Unit RBI to purchase Rs10,000cr of govt dated securities on March 20

* RBI receives Rs27,0796cr bids in 5th LTRO

 

OUTLOOK - USDINR

FII exodus hastened with 5085.35 crore outflow hastening Nifty's fall yesterday, putting pressure on Indian rupee. Commodity markets also decline yesterday, along with a crash in WTI crude, which fell to 20.06 dollar a barrel. Meanwhile, potential for RBI intervention through forex reserves has been restraining rupee from weakening past the record low, which is within touching distance. With yesterday's sharp rise reserving previous days' falls, USDINR pair is poised to take support at 74.2 and move higher towards 74.8-75.2

 

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