FX Monitor - April 8, 2020 - Geojit

- Indian currency ended at 75.64 yesterday, up 55 paise against its previous close of 76.19.
- FBIL set the reference rate for USDINR at 75.8276 and Euro at 82.2168.
- US dollar lost track against a basket of currencies while Canadian dollar rose to its highest since Mar 27.
- In economic news, US JOLTs job openings fell while initial & continuing jobless claims are due tomorrow.
- Euro edged higher while UK's pound to take cues from the Prime Minister's health updates.
- Japan's yen stalled as country announced a state of emergency.

Outlook - USDINR



The Indian Rupee snapped its three-day losing streak to end higher by 55 paise tracking the gains in the domestic equity markets and fund inflows. The reduced market hours for forex and debt markets in the wake of coronavirus also supported the up move. On Tuesday, local unit opened at 75.92 a dollar and hit an intraday high of 75.60 before settling the day for 75.64 against its Friday's closing of 76.19. Monday Indian markets were shut on account of Mahavir Jayanti.

FIIs turned buyers in the capital market segment; bought shares worth Rs 741.77cr on 07 Apr as per exchange's provisional figures while DIIs, on the other end also were buyers to the tune of Rs 422.51cr for the same period. Oil prices reversed its losses as the investors shifted their eyes to the upcoming OPEC+ meeting on Thursday. Now apart from coronavirus tensions, macroeconomic data will be in focus for the domestic markets.

Source : Equity Bulls

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