Rupee closed at 71.64 a dollar, down 10 paise against its previous close of 71.54 – Geojit Financial

News Box

* Rupee closed at 71.64 a dollar, down 10 paise against its previous close of 71.54.

* FBIL set the reference rate for USD at 71.5899 and Euro at 77.2522.

* South Korea’s won is the worst performing Asian currency this week as a sharp rise in coronavirus cases in the country heightened investor concerns of its wider spread in the region.

* The Australian dollar hit a fresh 11-year low as commodity currencies sank after Group of 20 officials cited downside risks to global growth from the coronavirus. The yen rallied as the spread of the virus beyond China continued over the weekend.

* The dollar lagged all Group-of-10 peers amid concerns the slowdown in U.S. business activity is a sign that the virus outbreak is starting to crimp the world’s largest economy.

* US dollar fell on weak flash manufacturing PMI slumped to its lowest level since August.

* Euro rebounded after composite flash PMI showed acceleration in February.

* UK’s pound recovered led by solid PMI readings.

Traders’ Corner

Selling in the domestic equities long with strengthening of the USD dragged the Indian currency to end the session at a more than one-month low. However, buying by foreign investors restricted more downside. On Thursday, local unit opened at 71.75 a dollar and slipped to a low of 71.80 before settling the day at 71.64, a level last seen on January 08. On Tuesday, Rupee closed at 71.54. Forex market was closed on Wednesday and Friday on the back of Chhatrapati Shivaji Jayanti and Mahashivratri holidays respectively.

FIIs were buyers in the capital market segment on 20 February; bought shares worth Rs 1495.25cr as per exchange’s provisional figures. DIIs, on the other end were sellers; sold shares worth Rs 699.62cr for the same period. Oil prices came under pressure on global demand and the on the news that OPEC and allied countries’ decision ‘not to move forward’ their planned meeting for the first week of March. Macro-economic data from the global front will be in focus for the current week.

For USDINR, 71.88 will be act as immediate resistance above which 72.22 will be the next level. On the flip side, 71.44 and 71.27 be the support levels.

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Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by TheLogicalNews. Publisher: Investment Guru India

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