- Covid-19; Insurance claim 25% lower this time versus 2nd wave peak; treatments given more than required in many cases: ICICI Lom
- Bulk Deals: Foce India, Timescan Logistics among companies which see bulk buying on Wednesday - details here!
- Bajaj Auto Q3FY22 Earnings: Net profit falls 22% to Rs 1214 cr; revenues up 1% in line with street expectations
- DGCA extends ban on international flights till February 28 due to surging coronavirus cases; cargo operations exempted
- SEBI launches mobile app 'Saa₹thi' to provide financial product information to investors
Currency Trade: Buy USDINR October Futures for these targets, sell JPYINR when markets re-open on Friday
The Markets will be closely watching the RBI commentary on the inflation scenario on Friday. Any concerns over higher inflation in India in the RBI policy meeting could also weigh on the rupee, a Motilal Oswal report said
The rupee snapped its three-session losing streak against the US Dollar as the USDINR October futures ended in the red on Thursday. The USDINR futures today ended at 74.86 on the NSE, down 0.4 per cent 0r 31 paise.
Ahead of the Reserve Bank of India’s (RBI) monetary policy announcements on Friday, what should the currency traders expect?
See Zee Business Live TV Streaming Below:
The Markets will be closely watching the RBI commentary on the inflation scenario on Friday. Any concerns over higher inflation in India in the RBI policy meeting could also weigh on the rupee, a Motilal Oswal report said.
Today, the gains in the domestic equity markets and a recovery in riskier assets also helped the local unit to rebound against the greenback from more than five-month lows, PTI reported.
On Wednesday, the Rupee fell sharply against the USD primarily on the back of weakness in domestic and global equities and also as the dollar rose near one-year level.
Price movement in crude oil is also impacting the move in INR. Global crude oil prices have rallied steadily in the past few weeks and that is adding to worries for India’s elevated oil import bill.
The brokerage firm had estimated USDINR(Spot) to trade in the range of 74.40 and 75.05. The USDINR futures today opened at 74.92, below the Wednesday closing price of 75.18. The
Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a buy at 74.70 with a stop loss at 74.40 while the target at 75.30.
How other currencies were trading on today:
EURINR (October) – EURINR ended at 86.44 on Thursday, down by 0.20 per cent or 17 paise from the previous closing price of 86.61. It attained a high of 86.54 on the intraday basis. Gupta recommends a buy at 86.50 with a stop loss at 86 while the target at 87.50.
GBPINR (October) – GBPINR ended at 101.75 on Thursday, down by 0.11 per cent or 11 paise from the previous closing price of 101.87. It was also its intraday high. He recommends a buy at 101.75 with a stop loss at 101 and a target price of 102.50.
JPYINR (October) – JPYINR was ended at 67.14 on Thursday, down by 0.30 per cent or 20 paise from the previous closing price of 67.35. It attained a high of 67.28 on the intraday basis. He recommends a sell at 67.40 with a stop loss at 67.80 and a target price of 66.70.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.