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News Box

* Indian Rupee ended at 72.92 yesterday, up 2 paise against its previous close of 72.94.

* FBIL set the reference rate for USDINR at 72.9297 and Euro 88.8187.

* On the domestic front, eight core industries data for Dec is due on Friday.

* US dollar edged higher after Fed’s decision on its interest rates.

* US Fed in its policy meeting kept its interest rates left its interest rates unchanged.

* In economic news, new home sales data along with initial and continuing jobless claims are due tomorrow.

* Euro was unchanged while UK’s pound rose on European Union’s support.

* PBOC has set the yuan reference rate at 6.4845 versus Wednesday's fix at 6.4665.

OUTLOOK - USDINR

The Indian currency continued its optimism for a sixth day; marginally closed higher by 2 paise against US dollar ahead of FOMC policy meeting outcome. Local unit on opened at 72.91 a dollar witnessed a high and low of 72.78 and 72.94 before settling the day at 72.92 against its Monday’s closing of 72.94. On Tuesday, forex markets were shut on account of Republic day holiday. FIIs were sellers in the capital market segment on 27 Jan 2021; bought shares worth Rs 1688.22cr as per exchange’s provisional figures. DIIs, on the other end were sellers to the tune of Rs 3.38cr for the same period. Oil prices reversed its previous day’s gains. FOMC ended its two-day policy meeting yesterday, where the US central bank kept its interest rates near zero saw “considerable risks” to the economic outlook but to watch “progress on vaccinations”. For Indian markets, Union budget on 01st Feb is the major event while Economic Survey and beginning of the Parliament budget session on Friday will be watched. For USDINR, 73.11 and 73.29 may act as crucial levels in the upside while 72.81 and 72.63 will act as support levels.

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