FX Monitor - May 15, 2020 - Geojit

- Rupee closed at 75.56 yesterday, down 10 paise against it's previous close of 75.46.
- FBIL set reference rate for dollar at 75.3885 and euro at 81.8222.
- In economic news, trade balance for Apr is scheduled to be released today.
- US dollar edged higher to a three week high on safe haven demand.
- In economic news, US JOLTs job openings and retails are due in the later part of the day.
- Euro fell while UK's pound edged lower on weak data.
- China's IIP and retail sales for Apr are due today.

USDINR Outlook

The Indian Rupee gave up its previous day's rally to end the day lower by 10 paise tracking the weak domestic equity and on American currency strengthening overseas. Capital outflows also weighted in the currency. Local unit today opened lower at 75.57 a dollar and drifted in a range of 75.59 and 75.30 before ending the session at 75.56 against its previous closing of 75.46. On the previous day, Rupee was up by 5 paise.

FIIs were sellers in the capital market segment; sold shares worth Rs 2152.52cr as per exchange's provisional figures on 14 May. DIIs, on the other end were buyers to the tune of Rs 802.36cr for the same period. On the data front, India's annual WPI figure released yesterday, eased to 3.6% in April against a rise of 5.49% in March but didn't release all subgroups/groups of the data. Oil prices to take cues fromrecent IEA forecast and economic data.

For USDINR pair, 75.77 and 75.97 will act as resistance levels while a fall below 75.29 will take to the currency towards 75.07.

Source : Equity Bulls

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