Last Updated on 27/09/2021
NRI Newsletter - Market News

TODAY: Monday, 27th SEPT, 2021

USD/INR: As on 24th SEPT, 2021

INR:

 

The Indian rupee depreciated 13 paise to 73.77 against the US dollar in opening trade on Friday, in line with other Asian currencies amid a strong greenback in the overseas market. At the interbank foreign exchange, the rupee opened on a weak note and fell to 73.77 against the dollar, registering a decline of 13 paise from the last close, even as the domestic equity market was trading with handsome gains. In the previous session on Thursday, the rupee had settled at 73.64 against the US Dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 93.12. The Indian rupee opened weaker this Friday against the dollar, after benchmark US yields reached their highest level in more than two months on anticipated withdrawal of policy support. Most of the emerging market and Asian currencies have started weaker against the dollar this Friday morning and could weigh on sentiments.

USD/INR as on 24th SEPT, 2021

Currency

OPEN

HIGH

LOW

CLOSE

USD/INR

73.77

73.78

73.6025

73.70

Highest close till date: 76.7750 on 25rd March, 2021

 

Forward premium (%) as on 24th SEPT, 2021

Periods

1 Month

3 Month

6 Month

12 Month

Premiums

3.38/3.46

3.56/3.59

3.88/3.91

4.38/4.39

        

 

 

 

 

      USD/INR Cash/Tom/Spot Levels: (in Paisa)                                      

      (Updated as on 27th SEPT, 2021 @ 10.00am)

 

Cash/Tom: 0.25/1.25                          Cash/Spot: 0.50/2.50

Tom/Spot : 0.25/1.25                          Spot/Next:  0.25/1.25

 

Cash Date  :   27th SEPT 2021

Tom Date    :   28th Sept 2021 

Spot Date   :   29th Sept 2021

Outlook for the day (27th SEPT, 2021)

Rupee is expected to trade in range of 73.60 to 73.85 UPPER side.

 

 

 

MAJOR WORLD CURRENCIES: as on 24th SEPT, 2021 :

USD:

 

The dollar rose on Friday and was poised for its third straight week of gains against a basket of major currencies, as uncertainty over beleaguered Chinese property developer Evergrande helped the greenback bounce back from a sharp decline in the prior session. China Evergrande Group owes $305 billion and has run short on cash, missing a Thursday deadline for paying $83.5 million and leaving investors questioning whether it will make the payment before a 30-day grace period expires. A collapse of the company could create systemic risks to China's financial system. The U.S. economy does look better than most of its competitors, there is lingering fear out there over Evergrande and what else is out there in the rather untransparent Chinese economy and political system, plus the Fed appears finally ready.

The dollar index rose 0.237%, with the euro down 0.2% to $1.1713.

 

EUR:

 

The EUR/USD pair has lost some ground this week, trading in the 1.1700 price zone.  The American dollar enjoyed some temporal demand amid a dismal market mood as the week started with news indicating that one of the largest Chinese property companies, Evergrande, was at risk of default, which could result in a disruption of the country’s financial system. As the week went down, the market’s sentiment improved as news indicated that the company could be split in three, while a unit of the troubled company pledged to make an on-time interest payment. Meanwhile, macroeconomic data released these days added to the poor market’s sentiment. German Producer Prices were up 12.% YoY in August, indicating mounting inflationary pressures. Also, the September IFO Business Climate index fell to 98.8 from 99.4, missing expectations of 100.4.

 

GBP:

 

The greenback pared losses as the market’s optimism receded on the back of the poor performance of Chinese equities. The GBP/USD pair retreated from a weekly high at 1.3750, currently trading around the 13700 figure. The dollar strengthens particularly against commodity-linked currencies, while European rivals seem to be baring better with the downbeat mood. At the time being, European indexes post modest intraday losses, while US government bond yields retain gains at multi-month highs. The GBP/USD pair is trading again below the 61.8% retracement of its latest daily advance, which increases the risk of a downward extension in the near term. Still, it seems sellers remain side-lined. The 4-hour chart shows that the pair remains above a mildly bullish 20 SMA, which seems to be losing its bullish strength while holding below the longer ones. Meanwhile, technical indicators head south, although within positive levels. Bears will have chances if the pair falls below 1.3680, the immediate support level.

 

GOLD:

Gold prices are modestly up in early U.S. trading Friday. Some risk aversion has returned to the marketplace late this week and that’s prompting just a bit of safe-haven demand for the yellow metal, as well as some short covering by the shorter-term gold futures traders. A firmer U.S. dollar index on this day is limiting the upside for the precious metal. October gold futures were last up $2.70 at $1,750.40. Technically, October gold futures bears have the slight overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at the overnight high of $1,755.60 and then at Thursday’s high of $1,774.50. First support is seen at the overnight low of $1,741.10 and then at this week’s low of $1,736.30.

 

MAJOR WORLD CURRENCIES:

as on 24th SEPT, 2021

 

CURRENCY

OPEN

HIGH

LOW

CLOSE

GBP/USD

1.3718

1.3736

1.3656

1.3682

EUR/USD

1.1736

1.1747

1.1699

1.1714

AUD/USD

0.7296

0.7316

0.7234

0.7258

USD/JPY

110.31

110.79

110.24

110.72

USD/CHF

0.9241

0.9260

0.9220

0.9239

XAU/USD

1742.55

1757.36

1738.60

1749.86

 

Foreign Currencies

Updated: 17:30 hrs (1200 GMT) on 24th SEPT, 2021

USD/INR: 73.70 [FXIR]

Against

USD

INR

1 EUR    =

1.1714

86.3322

1 GBP   =

1.3676

100.7921

100 JPY =

0.9047

66.6787

1 AUD   =

0.7248

53.4178

1 CHF    =

1.0816

79.7188

 

Precious Metals

Updated: 17:30 hrs (1200 GMT) on 24th SEPT, 2021

Gold ($/oz)

1748.20

Silver ($/oz)

22.51

 

 

 

 

 

 

 

 

 

 

Stock Indices

(As on 24th SEPT, 2021 )

 

Index Close

     23rd SEPT

    24th SEPT

BSE Sensex

59885.35

60048.47

NSE Nifty

17822.95

17853.20

Dow Jones

34764.82

34798.00

NASDAQ

15052.24

15047.70

 

 

 

 

 

 

 

              Major Economic Data Releases for the Day

Date

Region

Time(IST)

Description

27th SEPT 2021

EUR

05.15 PM

ECP PRESIDENT LAGARDE SPEAKS

 

USD

05.30 PM

FOMC MEMBER EVANS SPEAKS

 

USD

06.00 PM

CORE DURABLE GOODS ORDERS M/M

 

GBP

11.30 PM

BOE GOV BAILEY SPEAKS

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