EQUITY RESEARCH LAB :-
Rupee settled flat amid depreciation of currency pair in spot mainly due to selling by exporters. Foreign holdings of rupee-denominated debt are falling at the fastest pace since December as losses in Indian bonds deepen and the currency hovers near a record low. The nation’s sovereign notes have turned into Asia’s worst performers in 2016, from the best in the previous two years, amid concern Prime Minister Narendra Modi’s Feb. 29 budget will show fiscal discipline is slipping away. The rupee has weakened 3.6 percent this year in the region’s worst performance after the South Korean won as a broader emerging-market selloff spurred outflows from Indian stocks. The yield on government notes due January 2026 has climbed 22 basis points since the new 10-year benchmark debt was issued early last month. It was down two basis points at 7.80 percent as of 11 a.m. in Mumbai on Wednesday, according to prices from the Reserve Bank of India’s trading system. The government may seek to borrow an unprecedented 6.8 trillion rupees in the financial year starting April 1. That’s 13 percent higher than this year’s 6 trillion rupees estimate. The deficit target may be raised to 3.7 percent from 3.5 percent. Wholesale prices fell for a 15th straight month in January, declining an annual 0.90 percent, driven down by tumbling oil prices, government data showed. The wholesale fuel prices dropped 9.21 percent from a year ago in January, while prices of manufactured goods declined 1.17 percent year on year. Technically now USDINR is getting support at 68.9175 and below same could see a test of 68.8225 level, And resistance is now likely to be seen at 69.095, a move above could see prices testing 69.1775.
USDINR Daily Market Synopsis :
USDINR trading range for the day is 68.82-69.17.
Rupee settled flat amid depreciation of currency pair in spot mainly due to selling by exporters.
Foreign holdings of rupee-denominated debt are falling at the fastest pace since December as losses in Indian bonds deepen.
The yield on government notes due January 2026 has climbed 22 basis points since the new 10-year benchmark debt was issued early last month.
Rupee settled flat amid depreciation of currency pair in spot mainly due to selling by exporters. Foreign holdings of rupee-denominated debt are falling at the fastest pace since December as losses in Indian bonds deepen and the currency hovers near a record low. The nation’s sovereign notes have turned into Asia’s worst performers in 2016, from the best in the previous two years, amid concern Prime Minister Narendra Modi’s Feb. 29 budget will show fiscal discipline is slipping away. The rupee has weakened 3.6 percent this year in the region’s worst performance after the South Korean won as a broader emerging-market selloff spurred outflows from Indian stocks. The yield on government notes due January 2026 has climbed 22 basis points since the new 10-year benchmark debt was issued early last month. It was down two basis points at 7.80 percent as of 11 a.m. in Mumbai on Wednesday, according to prices from the Reserve Bank of India’s trading system. The government may seek to borrow an unprecedented 6.8 trillion rupees in the financial year starting April 1. That’s 13 percent higher than this year’s 6 trillion rupees estimate. The deficit target may be raised to 3.7 percent from 3.5 percent. Wholesale prices fell for a 15th straight month in January, declining an annual 0.90 percent, driven down by tumbling oil prices, government data showed. The wholesale fuel prices dropped 9.21 percent from a year ago in January, while prices of manufactured goods declined 1.17 percent year on year. Technically now USDINR is getting support at 68.9175 and below same could see a test of 68.8225 level, And resistance is now likely to be seen at 69.095, a move above could see prices testing 69.1775.
USDINR Daily Market Synopsis :
USDINR trading range for the day is 68.82-69.17.
Rupee settled flat amid depreciation of currency pair in spot mainly due to selling by exporters.
Foreign holdings of rupee-denominated debt are falling at the fastest pace since December as losses in Indian bonds deepen.
The yield on government notes due January 2026 has climbed 22 basis points since the new 10-year benchmark debt was issued early last month.
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