Code USD(Bid) INR(Bid) USD(Ask) INR(Ask)
USD 74.6200 74.6300
EUR 1.12464 83.9206 1.1251 83.9662
GBP 1.24805 93.1295 1.24862 93.1845
JPY 107.483 69.4114 107.504 69.4342
CHF 0.9448 78.9463 0.9452 78.9903
SGD 1.3937 53.5064 1.3946 53.5481
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The rupee closed at 74.62 after seeing an intra-day high of 74.9900 in dramatic moves as importers stepped in to hedge their exposures due to the rupee strengthening on Thursday close. Strong economic data from the US and India boosted investors' confidence about economic recovery across the globe, and due to the expectations that the Reserve Bank of India may not limit the rupee's rise aggressively.The Reserve Bank of India halted its relentless purchases of the greenback towards the very end of trade on Thursday, resulting in a 30-paise jump in the rupee. This signalled to currency traders that the central bank may be not limit the rupee's rise as heavily as it has been for more than a month.Currency traders at home anticipate mammoth investments from foreign entities into Reliance Industries' subsidiary Jio Platforms, which is likely to prompt bets in favour of the rupee. Over the last couple of months, global investors such as Public Investment Fund, Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG and L Catterton, have collectively acquired over 22% stake in Jio Platforms for around 1 trln rupees. However, market players may remain wary of the RBI's purchases of the greenback immediately after open, to check any further gains in the Indian currency. The central bank has added nearly $24 bln to its foreign exchange reserves since May, taking these to $505.57 bln as on Jun 19.Foreign banks are expected to sell the greenback for foreign portfolio investors who may purchase Indian shares today.......
Asian indices rose amid muted volumes as investors' confidence increased due to better-than-expected non-farm payrolls data in the US that indicated an uptick in the economy.In June, the US economy added 4.8 mln jobs, higher than the expectation of analysts, setting a record for the second straight month, data released by the US Labor Department showed.Moreover, the rise in indices was also supported by Caixin/Markit services Purchasing Manager’s Index released today that showed China's Services PMI at 58.4 in June, marking its fastest pace in over a decade.However, concerns over the fresh rise in daily cases in the US prompted investors to trade with caution despite positive data indicators in the week.Investors were of the view that the rise in cases if not controlled may jeopardise the recent uptick in the economy as certain states in the US consider enforcing lockdown again.......


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  • 04 Jul 2020 - Independence Day
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