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Indian Rupee At 2-Week Low On Risk Aversion; OPEC Meet Eyed

06 December 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.79 pair now at 70.98 against 70.46 previous close.
  • Pair to tip in 70.75‐ 71.10 range today.
  • The Indian rupee fell to a two‐week low against the dollar in early trade, in line with most Asian currencies on risk aversion, as global shares extended fall ahead of a crucial meet between major oil producers. Risk‐off rally in the global markets has kept the currency under pressure, while investors also cautiously await outcome of OPEC meet. “Importers have stepped up Dollar purchases, while further downside is expected to be limited as traders would be wary of presence of the central bank”.

Global Currency

  • The dollar fell against the yen on Thursday as growing investor aversion to riskier assets hit equities and pushed down U.S. Treasury yields. The U.S. currency dropped 0.4 percent to 112.72 yen handing back its modest gains made overnight.
  • Sterling had sunk to a 17‐month low of $1.2659 at one point on Tuesday after parliamentary setbacks for Prime Minister Theresa May. Fed policymakers are still widely expected to raise interest rates again at their Dec 18‐19 meeting, but the market focus is on how many rate hikes will follow in 2019.

Global Markets

  • Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.
  • Gold prices edged higher early on Thursday as the dollar eased amid a spike in risk aversion, while palladium further bolstered its premium over the bullion. Spot gold XAU= was up 0.2 percent at $1,240.04 per ounce at 0140 GMT.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.99 70.99 0.62
EUR/USD 1.13494 80.55 0.59
GBP/USD 1.2726 90.33 0.57
USD/JPY 112.681 0.63 1.07
SEK/INR 8.9848 7.9011 0.0426
DKK/INR 6.324 11.2250 0.49
AUD/USD 1.3834 51.30 0.35
1M 1239.08 0.13  
3M 14.463 0  
6M 61.12 -0.71  
1Y 52.41 -0.91  
Index Today % Change
NIFTY 10671.3 -1.03
SENSEX 35551.03 -0.93
BANK NIFTY 21919.33 -0.53
SGX NIFTY 26117.28 -2.62
NIKKEI 2615.8234 -1.28
HANG SENG 4944.37 -0
SHANGHAI 7264.61 0.0042
ASX200 11200.24 0
DOW JONES 10671.3 -1.03
S&P500 # 35551.03 -0.93
NASDAQ # 21919.33 -0.53
Key Events of the Day
Date Time Currency Event Forecast Previous
06/12/2018 18:45 USD ADP Nonfarm Employment Change (Nov) 196K 227K
06/12/2018 21.30 USD Crude Oil Inventories -0.942M 3.577M

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