News Box

* Rupee ended at 73.87 a dollar on Friday, down 54 paise against its previous close of 73.33.

* FBIL set reference rate for dollar at 73.2824 and euro at 81.6141.

* Yen rallied to its highest in more than three years as investor flight to safe assets intensified on falling oil prices and also as U.S. stock futures pointed to further losses amid the coronavirus spread.

* Australian and New Zealand dollars each sank about 5% against the greenback as programmed algorithmic selling across multiple bank platforms hit small bids in a hunt for liquidity, according to Asia-based FX traders.

* On the data front, IIP for Jan and retail inflation for Feb are due on Thursday.

* US dollar slipped after Fed’s move to quarantine physical dollars repatriated from Asia.

* In economic news, US trade deficit narrowed in January while Nonfarm payrolls for Feb beat expectations.

* Euro rose on pandemic fears while UK pound edged higher on broad based weakness in USD.

* Data released showed China posted first trade gap since March 2018.

Traders’ Corner

Following the risk sentiment after India’s central bank took over a debt starved bank at the time of economic turbulence spooked by the weak economic data and spread of the deadly virus, the domestic currency fell beyond 74 mark on Friday. Local unit on the last day of the trading week, started at 73.94 a dollar and touched an intraday low of 74.08 before recovering and settling the day at 73.87. The Rupee on Thursday closed at 73.33 and on weekly basis, lost 163 paise.

FIIs continued to be sellers for tenth day in the capital market segment; sold shares worth Rs 3594.84cr on 06 March as per the exchange’s provisional figures. DIIs, on the other end were buyers to the tune of Rs 2543.78cr for the same period. Indian equity markets came under pressure particularly haunted by the banking stocks after the new of RBI taking the control of Yes Bank. Oil prices fell to their lowest in nearly three years as Saudi Arabia and Russia failed to agree on supply cuts. For the week, on the domestic front, IIP and inflation numbers to be in limelight. In other news, Indian markets to remain shut on Tuesday on account of Holi holiday.

For USDINR pair, 74.27 and 74.59 will be the major levels on the upside. Conversely if 73.62 level breaks, then 72.47 level will be in play.

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