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India Rupee Gains As Fed Minutes Hurt Dollar, Oil Prices Eyed

10 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.46 pair now at 70.50 against 70.46 previous close.
  • Pair to tip in 70.25- 70.75 range today.
  • The Indian rupee rose against the dollar in early trade, as increased expectations following the Federal Reserve’s latest meeting minutes that it may pause rate tightening cycle outweighed the impact of an uptrend in crude oil prices. Dovish Fed minutes and optimism on outcome of U.S.-China trade talks added to sell-off in the dollar, lifting Asian currencies, including the rupee, which has seen some weakness on back of uptick in oil prices and outflows. The currency is expected to remain range bound as importers are expected to step up Dollar purchases later in the session.

Global Currency

  • The dollar weakened versus major peers such as the euro and yen on Thursday due to growing expectations the Federal Reserve will pause its rate tightening cycle this year. Minutes from the Fed's Dec. 18‐19 meeting revealed that several policymakers were in favour of the US central bank keeping rates steady this year. Market sentiment turned slightly cautious in Asian trade as market waited for concrete evidence that progress is being made in U.S.-China trade talks.
  • The euro and sterling each gained marginally on the dollar, fetching $1.1547 and $1.2790 respectively. However, traders expect the strength in both these currencies to fade in the coming weeks.

Global Markets

  • Oil prices fell by about 1 percent on Thursday on swelling U.S. supply and amid a cautious reaction to trade talks between the United States and China, the world's two largest oil consumers, that finished without concrete details to ending their dispute.
  • Gold prices rose on Thursday as growing expectations that the U.S. Federal Reserve will pause its rate tightening cycle this year and an impasse between U.S. President Donald Trump and Democrats on funding for a border wall weighed on the dollar.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.5 70.52 -0.07
EUR/USD 1.15544 81.45 -0.06
GBP/USD 1.27819 90.09 -0.20
USD/JPY 107.94 0.65 0.1
SEK/INR 8.8744 7.9442 -0.0169
DKK/INR 6.2932 11.2025 0.0325
AUD/USD 1.391 50.67 -0.28
TIME USD LIBOR EURO LIBOR  
1M 2.5155 -0.42171  
3M 2.7825 -0.33457  
6M 2.85256 -0.29714  
1Y 3.01613 -0.17729  
Index Today % Change
NIFTY 10831.8 -0.22
SENSEX 36160.75 -0.14
BANK NIFTY 27584.75 -0.49
SGX NIFTY 9347.5 0.33
NIKKEI 20163.8 -1.29
HANG SENG 26471.84 0.04
SHANGHAI 2542.7847 -0.06
ASX200 5795.3 0.29
DOW JONES 23879.12 0.39
S&P500 # 2584.96 0.41
NASDAQ # 6600.694 0
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