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* Indian currency ended at 75.80 yesterday, down 14 paise against its previous close of 75.66.
* FBIL set the reference rate for USDINR at 75.6638 and Euro at 82.6819.
* US dollar slipped post FOMC minutes, which hinted to use “all its range of tools” to support the economy.
* In economic news, weekly initial and continuing jobless claims are due today.
* Euro was steady on EU fund news while UK’s pound retreated from highs after BoE hinted negative rates “under active review”.
* ECB will announce its minutes from the recent meeting on Friday.
* Bank of Japan to hold an unscheduled monetary policy meeting this Friday as deadly virus hits economic growth.
* PBOC in its meeting yesterday kept loan prime rate steady.
OUTLOOK - USDINR
After a higher opening tracking the domestic equity markets, the Indian currency came down after a rating agency report that the government’s recent stimulus package may not stimulate the demand/consumption. Also continued capital outflows weighted in the currency. Local unit yesterday opened at 75.60 a dollar and moved in a range of 75.60 and 75.86 before ending the session at 75.80 against its previous close of 75.66. On the previous day, Rupee was up by 25 paise.
FIIs were sellers in the capital market segment; sold shares worth Rs 1466.52cr on 20 May as per exchange’s provisional figures. DIIs, on the other end were buyers to the tune of Rs 2373.19cr for the same period. Oil prices spiked following recent economic data and hopes of rising in demand. Apart from coronavirus development, key speeches and economic data, the markets will also focus on the China’s annual parliament meeting starting from May 21 to get cues on any stimulus plan announcement.
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