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Indian Rupee At 3-Wk Low On Exit Polls; Oil, Equity Selloff Hurts

10 December 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.34 pair now at 71.3050 against 70.80 previous close.
  • Pair to tip in 71.10- 71.55 range today.
  • The Indian rupee fell to a three‐week low against the dollar in early trade, weighed by mixed cues from exit polls that suggested a close contest between the ruling and main opposition party in state elections amid a jump in crude oil. Widening of India’s current account deficit to a five‐year high and another U.S. equity‐led selloff further added pressure on the local unit. The gap‐down opening in the rupee was the outcome of negative news at home and globally. As the exit poll results were not so encouraging, traders will focus on the actual outcome due tomorrow.

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 71.3 71.31 -0.07
EUR/USD 1.14369 81.55 0.43
GBP/USD 1.27518 90.92 0.14
USD/JPY 112.459 0.63 0.13
SEK/INR 9.0162 7.9080 0.0253
DKK/INR 6.3647 11.2025 0.0325
AUD/USD 1.3849 0.09
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 10520 -1.62
SENSEX 35086 -1.64
BANK NIFTY 26437.85 0-0.91
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
10/12/2018 19:00 USD Nonfarm Payrolls (Nov) 200K 250K
10/12/2018 19:00 USD Unemployment Rate 3.7% 3.7%

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