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Indian Rupee At Record Low On Strong U.S. Data, Trade War Fears

10 September 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 72.45 against 71.73 at the previous close. The local unit moved in 72.07-72.6750 per dollar band intra-day.
  • The Indian rupee ended at a record closing-low against the dollar, posting its largest single-session fall in a month, on foreign banks’ dollar sales and a sell-off tracking upbeat U.S. jobs report and trade war fears. The currency did see some recovery from intraday lows on the basis of comments by finance ministry officials that the government is watchful of the rupee and worried about its rate.

Global Currency

  • The dollar struggled to build on its gains from last week on Monday while investors piled into riskier assets led by Scandinavian currencies, encouraged by a drop in bond yields in peripheral countries in Europe such as Italy.
  • The dollar rose against the safe-haven yen, with USD/JPY increasing 0.06% to 111.09. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
  • The lower dollar pushed the euro and sterling higher. EUR/USD rose 0.18% to 1.1573 and GBP/USD increased 0.23% to 1.2945. as trade tensions outweighed expectations for a Federal Reserve rate hike in September.

Global Markets

  • Oil prices rose on Monday as U.S. drilling stalled and as investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November. Brent crude oil LCOc1 rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85.
  • Gold fell for a second straight session on Monday as expectations of an interest rate hike by the U.S. Federal Reserve in September and fears of an escalation in U.S.-China trade tensions kept the dollar firm.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.5337 70.11 0.6
EUR/USD 1.15754 83.95 0.73
GBP/USD 1.2925 93.70 0.61
USD/JPY 111.091 0.65 0.52
SEK/INR 9.0434 8.0206 0.0608
DKK/INR 6.4445 11.26 0.0814
AUD/USD 1.404 51.65 0.54
DXY 95.355 -0.01
Index Today % Change
NIFTY 11438.1 -1.3
SENSEX 37922.17 -1.22
NIKKEI 22373.09 0.3
HANG SENG 26613.42 -1.33
SHANGHAI 2669.4859 -1.21
CAC# 5280.48 0.54
FTSE # 7264.61 0.0042
DAX # 12014.02 0.45
Commodities Today % Change
GOLD # 1192.58 -0.23
SILVER# 14.145 0.55
BRENT # 77.32 0.64
NYMEX # 68.09 0.5
Today Today
OPEN 72.1800
HIGH 72.6750
LOW 72.0700
CLOSE 72.4500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
10-09-2018 14.00 GBP GDP (MoM) 0.2% 0.2% 0.1%
10-09-2018 14.00 GBP Manufacturing Production (MoM) (Jul) 0.2% 0.2% 0.4%

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