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Indian Rupee At 2-Week Low On Weak Risk Appetite Before OPEC Meet

06 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 70.90 against 70.46 at the previous close. The local unit moved in 70.76‐71.14 per dollar band intra-day.
  • The Indian rupee ended at an over two‐week low against the dollar, in line with regional currencies amid global risk aversion and caution ahead of Organization of Petroleum Exporting Countries’ decision on crude oil output cut. Still, the rupee ended off lows as Brent crude oil price slipped below $60 per barrel, after Saudi Arabia energy minister said an output cut of one million barrel per day would be enough.

Global Currency

  • The dollar and the yen rose on Thursday after the arrest in Canada of a top executive of Chinese tech giant Huawei prompted fears of a flare‐up in U.S.‐China trade tensions. The dollar has been under pressure over concern about a possible U.S. recession.
  • The recent reaction to the U.S. yield curve inversion appears a little hysterical, but the dollar will not be given the all clear sign until the Fed meeting is hurdled. Fed policymakers are due to gather at a Dec. 18‐19 meeting, at which the central bank is widely expected to raise interest rates. Focus is on how many rate hikes the Fed could for 2019.The euro was slightly lower at $1.1328 after retreating from this week's high of $1.1419 scaled on Tuesday.

Global Markets

  • Oil lost nearly 5 percent on Thursday, after OPEC signalled it may agree to a smaller output cut than expected. OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but U.S. President Donald Trump has demanded it make oil cheaper by refraining from output cuts.
  • Gold prices were slightly lower on Thursday as the dollar firmed on renewed trade tensions, but a decline in global equities helped keep prices near the five‐week high hit this week.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.91 70.91 0.49
EUR/USD 1.13399 80.39 0.39
GBP/USD 1.27456 90.33 0.57
USD/JPY 112.79 0.63 0.78
SEK/INR 9.0214 7.8602
DKK/INR 6.317 11.2250 0.49
AUD/USD 1.3876 51.08 -0.26
DXY 97.053 -0.02
Index Today % Change
NIFTY 70.91 70.91
SENSEX 1.13377 80.39
NIKKEI 1.27438 90.33
HANG SENG 112.804 0.63
SHANGHAI 9.0214 7.8602
CAC# 6.317 11.2250
FTSE # 1.388 51.08
DAX # 97.057
Commodities Today % Change
GOLD # 1236.24 -0.1
SILVER# 14.35 -0.78
BRENT # 60.36 -1.95
NYMEX # 51.61 -2.42
Today Today
OPEN 70.7900
HIGH 71.1400
LOW 70.7600
CLOSE 70.9000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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