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Indian Rupee Rises Amid Oil Retreat, Equity Rebound

07 December 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.55 pair now at 70.98 against 70.90 previous close.
  • Pair to tip in 70.30‐ 71.70 range today.
  • The Indian rupee gained against the U.S. dollar in early trade, after the Brent crude oil price dropped back below $60/barrel ahead of the output cut decision by oil exporting group OPEC and allies. “Dollar will not be much in favor today in wake of the slide in oil and the positive risk cues. Brent crude was down 0.5% at 59.74 per barrel in Asia trading today, adding to its 2.5% decline in the previous session amid reported comments by the Saudi Arabia energy minister that he is backing a cut of one millions barrels per day, which is at the lower end of the forecasts of analysts.

Global Currency

  • The dollar struggled to recover in Asian trade on Friday, hobbled by fresh speculation that a widely expected rate hike later this month could be the last before Federal Reserve hits the pause button on its tightening cycle.
  • On Friday, the dollar was steady against the euro at $1.1378. Against the Japanese yen, it tacked on 0.1 percent to 112.79 yen. 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.

Global Markets

  • Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non‐OPEC heavyweight Russia. Oil producers have been hit by a 30‐percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.
  • Gold prices edged higher on Friday and were on track for their best week in 15, as the dollar weakened on renewed speculation of an imminent pause in the U.S. Federal Reserve's tightening cycle.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.595 70.5975 0.06
EUR/USD 1.13676 80.24 -0.03
GBP/USD 1.27653 90.10 -0.06
USD/JPY 112.914 0.62 -0.21
SEK/INR 9.0023 7.8419 -0.0039
DKK/INR 6.3017 11.2025 0.0325
AUD/USD 1.3834 51.02 -0.1
TIME USD LIBOR EURO LIBOR  
1M 2.38325 -0.41157  
3M 2.76575 -0.34871  
6M 2.89113 -0.32671  
1Y 3.12575 -0.21586  
Index Today % Change
NIFTY 10639 0.36
SENSEX 35508.36 0.56
BANK NIFTY 26437.85 0.91
SGX NIFTY 10634 0.33
NIKKEI 21501.62 -1.91
HANG SENG 26200.28 0.17
SHANGHAI 2609.3911 0.16
ASX200 5681.5 0.42
DOW JONES 24947.67 -0.32
S&P500 # 2695.95 -0.15
NASDAQ # 6838.85 0
Key Events of the Day
Date Time Currency Event Forecast Previous
07/12/2018 19:00 USD Nonfarm Payrolls (Nov) 200K 250K
07/12/2018 19:00 USD Unemployment Rate 3.7% 3.7%

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