Rupee gave up its gains and closed in the red due to likely RBI intervention despite rise in domestic equities - Geojit Financial Services Ltd
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News Box
* Rupee gave up its gains and closed in the red due to likely RBI intervention despite rise in domestic equities.
* Crude oil futures slumped though demand uncertainties still exist due to growing Covid-19 concerns.
* Gold prices fell though there was a fall in both Dollar Index and treasury yields.
* India’s Trade data rose to record highs in December. Rise in exports and imports were recorded at 25.8% and 12.4% respectively.
* US treasury yields edged down after a choppy session but investors remain positive about a future rise since Fed hike rate anticipated.
OUTLOOK - USDINR
Yesterday’s bounce back failed to gain momentum, but we shall continue to expect 74-74.3 today. inability to float above 73.8 will negate this reversal view, in which case, 73 would re appear in the radar. Favoured view sees low chances of the same today.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
