Today's Currency News : 31.10.2019
Rupee trades higher at 70.77 per dollar
The Indian rupee holding on its morning gains and trading higher at 70.77 per dollar, with buying in domestic equity market helped the Sensex to touched the record high. It opened higher by 12 paise at 70.77 per dollar versus Wednesday's close 70.89. The Sensex is up 271.35 points at 40,323.22, and Nifty is up 77.60 points at 11,921.70. On Wednesday, the rupee fell 5 paise to end at 70.89 per US dollar as participants were caution ahead of the Federal Reserve's monetary policy decision. The US Federal Reserve cut its benchmark interest rate for the third straight time fortnight, by 25 basis points to a target range of 1.5-1.75 percent. Oil prices fell for a fourth day on Wednesday, extending losses after a surge in US inventories surprised investors, overshadowing an interest rate cut by the Federal Reserve. This entire week, we have seen lackluster trading in spot, due to the festive season and FOMC policy. Ahead of the policy there was no major bets in the market, said Rahul Gupta, Head of Currency, Emkay Global Financial Services. The trading range will continue to be in between 70.70-71.30 until we do not get more clarity over US-China trade deal, he added. The dollar-rupee November contract on the NSE was at 71.09 in the previous session. Open interest declined 3.24% in the previous sessio, said ICICIdirect. We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate long positions, it added.
Sell USDINR; target of 70.90 - 70.80
The rupee ended mildly lower in the previous session, trading in a narrow range amid caution ahead of the Fed policy announcement. It is likely to open mildly changed while a soft US$ is likely to help the rupee appreciate • The US$ index is currently trading lower amid a further recovery in major currencies. The Federal Reserve cut interest rates by 25 bps in its October policy but also signalled it may continue to hold on to current rates for some time. Fed has indicated that it sees reduced risks from UK’s hard exit from EU bloc as well as diminished USChina trade risks currently. CNY has further appreciated vs. US$ towards 7.05. This is positive for EM currencies, including rupee.
Domestic benchmark 10-year yields ended lower at 6.50% in the previous session. Investors are likely to track the government’s spending data amid signals that it may fail to meet its revenue target • The US 10-year benchmark ended lower at 1.77% in the previous session. Risk sentiment improved supporting US equities while US two-year yields are nearing the Fed funds mid rate.
The dollar-rupee November contract on the NSE was at 71.09 in the previous session. Open interest declined 3.24% in the previous session • We expect the US$INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate long positions.
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( Paper Trading Practice for Currency Segment USDINR/EURINR/GBPINR/JPYINR )
10:59 AM : Buy USDINR SA 70.96 SL 70.91 Target 71.01 / 71.06 / 71.11
10:59 AM : Sell USDINR SB 70.9 SL 70.95 Target 70.85 / 70.8 / 70.75
10:59 AM : Buy EURINR SA 79.37 SL 79.32 Target 79.42 / 79.47 / 79.52
10:59 AM : Sell EURINR SB 79.31 SL 79.36 Target 79.26 / 79.21 / 79.16
10:59 AM : Buy GBPINR SA 91.7 SL 91.65 Target 91.75 / 91.8 / 91.85
10:59 AM : Sell GBPINR SB 91.64 SL 91.69 Target 91.59 / 91.54 / 91.49
10:59 AM : Buy JPYINR SA 65.39 SL 65.34 Target 65.44 / 65.49 / 65.54
10:59 AM : Sell JPYINR SB 65.33 SL 65.38 Target 65.28 / 65.23 / 65.18
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Rupee trades higher at 70.77 per dollar
The Indian rupee holding on its morning gains and trading higher at 70.77 per dollar, with buying in domestic equity market helped the Sensex to touched the record high. It opened higher by 12 paise at 70.77 per dollar versus Wednesday's close 70.89. The Sensex is up 271.35 points at 40,323.22, and Nifty is up 77.60 points at 11,921.70. On Wednesday, the rupee fell 5 paise to end at 70.89 per US dollar as participants were caution ahead of the Federal Reserve's monetary policy decision. The US Federal Reserve cut its benchmark interest rate for the third straight time fortnight, by 25 basis points to a target range of 1.5-1.75 percent. Oil prices fell for a fourth day on Wednesday, extending losses after a surge in US inventories surprised investors, overshadowing an interest rate cut by the Federal Reserve. This entire week, we have seen lackluster trading in spot, due to the festive season and FOMC policy. Ahead of the policy there was no major bets in the market, said Rahul Gupta, Head of Currency, Emkay Global Financial Services. The trading range will continue to be in between 70.70-71.30 until we do not get more clarity over US-China trade deal, he added. The dollar-rupee November contract on the NSE was at 71.09 in the previous session. Open interest declined 3.24% in the previous sessio, said ICICIdirect. We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate long positions, it added.
Sell USDINR; target of 70.90 - 70.80
The rupee ended mildly lower in the previous session, trading in a narrow range amid caution ahead of the Fed policy announcement. It is likely to open mildly changed while a soft US$ is likely to help the rupee appreciate • The US$ index is currently trading lower amid a further recovery in major currencies. The Federal Reserve cut interest rates by 25 bps in its October policy but also signalled it may continue to hold on to current rates for some time. Fed has indicated that it sees reduced risks from UK’s hard exit from EU bloc as well as diminished USChina trade risks currently. CNY has further appreciated vs. US$ towards 7.05. This is positive for EM currencies, including rupee.
Domestic benchmark 10-year yields ended lower at 6.50% in the previous session. Investors are likely to track the government’s spending data amid signals that it may fail to meet its revenue target • The US 10-year benchmark ended lower at 1.77% in the previous session. Risk sentiment improved supporting US equities while US two-year yields are nearing the Fed funds mid rate.
The dollar-rupee November contract on the NSE was at 71.09 in the previous session. Open interest declined 3.24% in the previous session • We expect the US$INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate long positions.
REGISTER FOR FREE CURRENCY TIPS - http://rupeedesk.in/rupeedeskfree-calls
( Paper Trading Practice for Currency Segment USDINR/EURINR/GBPINR/JPYINR )
10:59 AM : Buy USDINR SA 70.96 SL 70.91 Target 71.01 / 71.06 / 71.11
10:59 AM : Sell USDINR SB 70.9 SL 70.95 Target 70.85 / 70.8 / 70.75
10:59 AM : Buy EURINR SA 79.37 SL 79.32 Target 79.42 / 79.47 / 79.52
10:59 AM : Sell EURINR SB 79.31 SL 79.36 Target 79.26 / 79.21 / 79.16
10:59 AM : Buy GBPINR SA 91.7 SL 91.65 Target 91.75 / 91.8 / 91.85
10:59 AM : Sell GBPINR SB 91.64 SL 91.69 Target 91.59 / 91.54 / 91.49
10:59 AM : Buy JPYINR SA 65.39 SL 65.34 Target 65.44 / 65.49 / 65.54
10:59 AM : Sell JPYINR SB 65.33 SL 65.38 Target 65.28 / 65.23 / 65.18