The rupee appreciated by 13 paise to close at 70.9725 against the US dollar on Friday due to fag-end selling of the greenback by banks and importers amid persistent foreign fund inflows. Strengthening crude oil prices, however, capped the gains for the domestic unit. The dollar fell against a currency basket after the third Federal Reserve rate cut this year, as investors took indications of a potential pause in the easing cycle with a pinch of salt.
- Thailand’s rice industry is enduring one of its most painful periods as a strong baht makes exports uncompetitive, according to one of the sector’s leaders.
- World’s manufacturing continuing to struggle, with Indonesia’s falling to a four-year low, Taiwan’s slipping into contraction territory and South Korea’s staying in negative territory.
- Russia: CBR to cut its Key Rate by 50bps.
- Bank Of Japan kept monetary policy steady. The 0-year JGB yield target around 0% and maintained short-term interest rate target at -0.1%
- The FOMC reduced the policy interest rate by 25 basis points to a range of 1.5-1.75 per cent.
- Germany’s DIHK cuts its 2019 German GDP growth forecast for third time this year.
- Diaspora deposits down 29 per cent in FY20.
- China to ask US to remove tariffs in exchange for agricultural buys in talks Friday.
USDINR showed sideways movements throughout the week closed with flat note. Now, sustaining above 71.0000 mark in upcoming week currency pair shows bullish movements and find resistance around 72.0000 mark. On lower levels 70.5000 is seen as immediate support zone for it.
EURINR after breakout form its resistance level unable to sustain on higher levels closed with gain from its last week closing. Psychological level of 80.0000 is seen as strong resistance for the currency pair sustaining above this mark it may continue bullish rally towards 80.7000. On downward side 78.5000 is support for it.
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