USDINR Futures: Indian Rupee’s gains against USD on Thursday on back of RBI announcements, expert says; impact temporary; suggests this

Indian Rupee has consolidated since the measures announced by the Reserve Bank of India Governor Shaktikanta Das on Wednesday, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said. After trading in the weak zone for days now, Indian rupee gain some strength since the announcement, Gupta said. He however cautions that the impact may be more on the near term basis and could reverse if the coronavirus pandemic situation is not tamed soon.

Fresh lockdown and restriction will act counterproductive, he opined.   

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The central bank head expressed full confidence in Indian resilience against the deadly pandemic. Das announced that the second purchase of G-SEC for Rs 35,000 crore under G-SAP 1.0 will be conducted on 20 May 2021. Among liquidity measures, he announced on-tap liquidity window of Rs 50,000 crore with tenure of up to 3 years at repo rate being opened till March 31, 2022.

USDINR April Futures 

The USDINR April Futures on NSE today ended at 73.96, going down by almost 0.3 per cent. It hit an intraday high of 75.14. The VP recommends a Buy on USDINR May Futures at 73.70. He puts the stop loss at 73.40 while the target price at 74.50.  

How other currencies traded today: 

EURINR (April) – EURINR ended at 88.80 on Thursday, down by 0.13 per cent from the previous closing price of 88.92. It attained a high of 89.03 on the intraday basis. 

GBPINR (April) – GBPINR ended at 102.69 on Thursday, down by 0.20 per cent from the previous closing price of 102.88. It attained a high of 102.88 on the intraday basis. 

JPYINR (April) – JPYINR ended at 67.70 on Thursday, down by 0.08 per cent from the previous closing price of 67.76. It attained a high of 67.78 on the intraday basis.