Rupee snaps five days loosing streak as equities gain - HDFC Securities
Rupee snaps five days loosing streak as equities gain - HDFC Securities
• Rupee expected to open slightly higher following risk-on sentiments and steady crude oil prices. However, worries remain from foreign fund outflows and weakening domestic macro. The focus will remain on Asian currencies and in particularly Chinese Yuan which has started weakening against US dollar in last couple of days and level above 6.50 could add pressure on rupee as well.
• On Wednesday, Indian rupee gained 30 paise or 0.4% to 76.21 on back of stronger domestic equities and weaker crude oil prices. There were dollar selling from nationalise bank also supported rupee gains. Technical set up has turned slightly weak after yesterday’s price action. The pair is now having support at 76 and resistance at 76.50.
• A measure of greenback strength fell most in two weeks on profit-taking and as Treasury curve flattens amid expectations that inflation will peak as growth slows. USDJPY was last quoted at 128.39 slightly up after yesterday’s fall of 0.9%, a record 13-day winning streak, as global long-term bond yields drop. Euro was steady around yesterday’s level after short-covering and option demand ahead of a French presidential debate and comments by the European Central Bank president on Thursday.
• U.S. equity futures and Asian stocks climbed Thursday after positive earning from US companies.
• The U.S. economy grew at a moderate pace through mid-April, but rising prices and geopolitical developments created uncertainty and clouded the outlook for future growth, the Fed said in its Beige Book survey released Wednesday.
• What to Watch: Fed Chair Jerome Powell, ECB President Christine Lagarde discuss global economy at IMF event.
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
More News
USDINR ended 4 paise higher at 72.92 on friday - Geojit Financial