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India Rupee Logs Worst Week In 2 Mths On Risk Aversion; OPEC Eyed

07 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 70.80 against 70.90 at the previous close. The local unit moved in 70.4525‐70.8125 per dollar band intra-day.
  • The Indian rupee logged its biggest weekly fall in two months against the dollar, on a broad selloff in regional and local equities, prompted by increasing doubts over the likely success of U.S.-China trade negotiations and caution ahead of a meeting between oil producing cartel OPEC and its allies. However, decline in Brent crude oil prices below $60 per barrel yesterday help the rupee trim some losses to end higher against the dollar today.

Global Currency

  • The dollar nursed losses on Friday after sustaining a large overnight drop as growing speculation that the U.S. central bank may be readying to signal a pause in its three‐year rate hiking campaign was offset by concerns that global growth is slowing. Expectations the U.S. Federal Reserve was readying to pause rates was bolstered after Fed Chairman Jerome Powell said last week that U.S. interest rates were nearing neutral levels.
  • The single currency had gained 0.3 percent against the dollar during the previous session while the yen rose about a quarter of a percent. The dollar was steady against the euro EUR= at $1.1378. Against the Japanese yen JPY=, it tacked on 0.1 percent to 112.79 yen.

Global Markets

  • Brent oil futures edged higher on Friday after Russia seemed likely to contribute a bigger output cut to an OPEC and non‐OPEC deal, but Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption.
  • Gold prices traded on Friday near a five‐month high hit the previous session on expectations of a slowdown in U.S. rate hikes next year, pushing bullion towards its biggest weekly gain since August.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.81 70.81 0.36
EUR/USD 1.1379 80.57 0.39
GBP/USD 1.27683 90.36 0.24
USD/JPY 112.789 0.63 0.26
SEK/INR 9.0145 7.8551 0.0093
DKK/INR 6.308 11.2250 0.49
AUD/USD 1.3846 51.14 0.26
DXY 96.837 0.03
Index Today % Change
NIFTY 10693.7 0.87
SENSEX 35673.25 1.02
NIKKEI 21678.68 0.82
HANG SENG 26063.76 -0.35
SHANGHAI 2605.8876 0.03/td>
CAC# 4847.05 1.39
FTSE # 7264.61 0.0042
DAX # 10882.91 0.67
Commodities Today % Change
GOLD # 1242 0.35
SILVER# 14.44 0.35
BRENT # 60.22 0.27
NYMEX # 51.33 -0.31
Today Today
OPEN 70.5500
HIGH 70.8125
LOW 70.4525
CLOSE 70.8000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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