FX Monitor - June 8, 2020 - Geojit

- Indian Rupee ended at 75.58 on Friday, down 1 paise against its previous close of 75.57.
- FBIL set the reference rate for USDINR at 75.4665 and Euro at 85.8416.
- In economic news, domestic IIP (Apr) and CPI (May) are scheduled to be released on Friday.
- US dollar edged lower as better than expected economic data sparked economic recovery.
- US jobs report released on Friday added jobs in May against losses in previous month.
- US central bank FOMC is set to meet for its monetary policy meeting on 09th and 10th June.
- Euro rose while UK's pound was also on the positive side.
- China's onshore yuan may take cues from exports data; fell less than expected in May.

USDINR Outlook

Tracking positive domestic equity and weak American currency, Indian rupee opened higher but gave up all its gains to close lower by one paise as investors look forward for more cues to take a direction. Local unit on the last trading day of the week opened at 75.38 a dollar but closed the day at 75.58 against its previous close of 75.57.

Oil prices gained after OPEC group decided to extend production cuts through July. Also Saudi Arabia increased prices for crude exports in at least two decades. FIIs were buyers in the capital market segment on 05 June; bought shares worth Rs 97.61cr as per the provisional figures. DIIs, on the other end were buyers to the tune of Rs 47.29cr for the same period. For USDINR, 75.73 and 75.98 may act as a crucial level in the upside while 75.35 and 75.07 will act as major support levels.

Source : Equity Bulls

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