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India Rupee Snaps 2-Day Fall On Exporters’ Dlr Sales, Fed Minutes

10 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.4125 against 70.46 at the previous close. The local unit moved in 70.32-70.6550 per dollar band intra‐day.
  • The Indian rupee rose for the first time in three days against the dollar, as exporters’ dollar sales in late trade and dovish minutes of the Federal Reserve’s latest meeting erased early losses from overnight spike in crude oil prices. Dollar sales by exporters in late trade after the USD/INR pair failed to break a key resistance around 70.65, helped some marginal rise in the rupee. The recent surge in crude prices and expectation that oil prices will only rise further has promoted importers to step up dollar purchases that weighed on the unit for most of the session.

Global Currency

  • The dollar was slightly higher on Thursday after dovish minutes from the Federal Reserve in the previous session caused a steep decline in the dollar. Minutes from the Fed’s December meeting showed that many policymakers are in favor of rates staying steady this year, increasing expectations that there will be no hikes in 2019. The dovish tone drove the dollar down to an almost three-month low of 94.63. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, rose 0.15% to 94.94.
  • The euro was down due to the higher dollar, with EUR/USD down 0.15% to 1.1523. Sterling was also strained, as Brexit woes continue to dampen investor sentiment. GBP/USD slipped 0.19% to 1.2761.

Global Markets

  • U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.
  • Gold prices edged up on Thursday in Asia after the U.S. dollar slipped amid growing expectations that the U.S. Federal Reserve would halt its rate tightening cycle in 2019. Gold futures for February delivery traded 0.4% higher to 1,296.55.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.4225 70.4225 -0.23
EUR/USD 1.15298 81.19 -0.38
GBP/USD 1.27322 89.59 -0.75
USD/JPY 107.986 0.65 -0.08
SEK/INR 8.8792 7.9312
DKK/INR 6.274 11.2250 0.49
AUD/USD 1.3909 50.59
DXY 95.268 0.05
Index Today % Change
NIFTY 10821.6 -0.31
SENSEX 36106.5 -0.29
NIKKEI 20163.8 -1.29
HANG SENG 26521.43 0.22
SHANGHAI 2535.0985 -0.36
CAC# 4774.47 -0.81
FTSE # 7264.61 0.0042
DAX # 10845.65 -0.44
Commodities Today % Change
GOLD # 1293.33 0.02
SILVER# 15.653 0
BRENT # 60.95 -0.8
NYMEX # 51.95 -0.78
Today Today
OPEN 70.4600
HIGH 70.6550
LOW 70.3200
CLOSE 70.4125

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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