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USD/INR ends down as higher risk appetite post G-20 boosts foreign inflow hopes

1 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.9450 against 69.0150 at the previous close. The local unit moved in 68.82-69.0825 per dollar band intra-day.
  • USD/INR ends down as higher risk appetite post G-20 boosts foreign inflow hopes. Dollar/rupee is likely to remain sideways with a downward bias on Monday pressured by the likelihood of foreign inflows to local stocks while the overall dollar strength and the rise in crude oil prices extend support amid caution ahead of the July 5 India Budget. The rupee positivity post G-20 is likely to stay given the inflow prospects, at least for today

Global Currency

  • The dollar rose to one-week highs against a currency basket on Monday as a trade truce between the U.S. and China dampened demand for safe haven currencies, such as the yen and the Swiss franc. After meeting Chinese President Xi Jinping in Japan on Saturday on the sidelines of Group of 20 summit, U.S. President Donald Trump said he would hold back on new tariffs and that China will buy more farm products.
  • China's offshore yuan rose more than 0.5% to as high as 6.8165 yuan per dollar, near a two-month high, before easing back to 6.8464 after disappointing factory activity data. Rose 0.4% against a basket of currencies, its index hitting 96.601 (DXY). Versus the euro it rose 0.4% to $1.1328 .

Global Markets

  • Oil prices were up on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.
  • Gold prices fell nearly 2% on Monday to their lowest in more than a week as the dollar strengthened and investors opted for riskier assets after the United States and China agreed to restart trade talks. U.S. gold futures GCv1 dipped 1.8% to $1,388.20 an ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.955 68.955 -0.02
EUR/USD 1.1349 78.24 -0.25
GBP/USD 1.26475 887.16 -0.41
USD/JPY 108.317 0.64 -0.47
SEK/INR 9.2968 7.4171
DKK/INR 6.143 11.2250 0.49
AUD/USD 1.4295 48.22
DXY 96.40 0.11
Index Today % Change
NIFTY 11865 0.65
SENSEX 39686 0.74
NIKKEI 21729 2.13
HANG SENG 28527 -0.27
SHANGHAI 2996 0.69
CAC# 5482 -0.33
FTSE # 7411 0.09
DAX # 12537 1.42
Commodities Today % Change
GOLD # 1392 -1.16
SILVER# 15.29 0.08
BRENT # 66.42 2.59
59.98 2.80
Today Today
OPEN 68.8900
HIGH 69.0825
LOW 68.8200
CLOSE 68.9450

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
1/7/2019 13.25 Euro German Manufacturing PMI (Jun) 45.0 45.4 45.4

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