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Indian Rupee Gains Tracking Asian Peers, Lower Oil Prices

1 November 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 73.87 pair now at 73.84 against 73.95 previous close.
  • Pair to tip in 73.70- 74.00 range today.
  • The Indian rupee was higher against the U.S. currency as the dollar index retreated from 16-month highs and as oil prices extended losses. Early flows indicated continued importer demand, while interbank was wary of building positions ahead of a number of key risk events next week. It is difficult to see rupee advancing much from present levels in light of the persistent demand from corporates and uncertainty surrounding the RBI’s autonomy.

Global Currency

  • The U.S. dollar edged up to a fresh 16-month high against a basket of key currencies on Wednesday on the back of continued U.S. economic strength. The dollar index .DXY , a gauge of its value versus six major peers, rose 0.08 percent to 97.09, its highest since June 2017.
  • The euro slipped 0.24 percent against the dollar on Wednesday. For the month, the common currency was down about 2.5 percent, its worst monthly performance in five months.
  • The British pound jumped on Thursday on a report that Prime Minister Theresa May has struck a deal with Brussels that would give UK financial services companies continued access to European markets after Brexit. Sterling firmed as much as 0.6 percent against the dollar in Asian trading hours following the report by the Times.

Global Markets

  • Oil prices fell on Wednesday and posted the worst monthly performance since 2016 on evidence of rising global crude supply, but losses were limited by signs of strong U.S. demand for fuel.
  • Gold slid to its lowest in nearly three weeks on Wednesday as the dollar jumped and stock markets regained momentum after a spate of heavy losses, but the metal remained on track for its biggest monthly gain since January.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 73.8375 73.8525 -0.15
EUR/USD 1.13462 83.78 0.1
GBP/USD 1.28521 94.90 0.55
USD/JPY 112.807 0.65 -0.05
SEK/INR 9.1322 8.0854 0.0145
DKK/INR 6.5912 11.2025 0.0325
AUD/USD 1.4023 52.65 -0.04
1M 2.29938 -0.40529  
3M 2.541 -0.35614  
6M 2.79625 -0.32457  
1Y 3.07088 -0.20843  
Index Today % Change
NIFTY 10373.05 -0.13
SENSEX 34433.25 -0.03
BANK NIFTY 25181.25 0.11
SGX NIFTY 10384 0.34
NIKKEI 21920.46 2.16
HANG SENG 24732.97 1.84
SHANGHAI 2632.215 1.13
ASX200 5820.8 -0.16
DOW JONES 25115.76 0.97
S&P500 # 2711.74 1.09
NASDAQ # 6967.096 0
Key Events of the Day
Date Time Currency Event Forecast Previous
01-11-2018 15.00 GBP Manufacturing PMI (Oct) 53.0 53.8
01-11-2018 17.30 GBP BoE Interest Rate Decision (Nov) 0.75% 0.75%
01-11-2018 19.30 GBP ISM Manufacturing PMI (Oct) 59.0 59.8

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