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Indian Rupee At 3-Wk Low On Guv Patel’s Exit, State Poll Results

11 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 71.85 against 71.33 at the previous close. The local unit moved in 71.6850‐72.4625 per dollar band intra-day.
  • The Indian rupee fell for a second day and closed at an over threeweek low against the dollar, after the central bank chief Urjit Patel’s surprise resignation yesterday, while the ruling Bharatiya Janata Party trailed in assembly elections in key states. However, an apparent intervention by the Reserve Bank of India and recovery in local shares helped the rupee to trim some losses.

Global Currency

  • The U.S. dollar slid lower against a currency basket on Tuesday while the pound found some support after a steep selloff in the previous session in the wake of a shock decision by British Prime Minister Theresa May to delay a key vote on Brexit. The U.S. dollar has been pressured lower by growing view that the Federal Reserve could pause its rate hike cycle sooner than previously thought.
  • The British pound crawled off 20‐month lows on Tuesday as Prime Minister Theresa May sought support from European leaders to change her Brexit deal, with investors weighing chances of a chaotic British exit from the European Union. May met Dutch Prime Minister Mark Rutte and will meet German Chancellor Angela Merkel in a last ditch bid to save her deal before an EU summit on Dec. 13‐14

Global Markets

  • Oil edged higher on Tuesday, clawing back some of the previous day's hefty losses as a modest show of strength in global stocks, a slightly weaker dollar and an unplanned supply outage in OPEC member Libya lent support.
  • Gold prices edged higher on Tuesday, supported by hopes that the U.S. Federal Reserve could pause its rate hike cycle sooner than expected and as the dollar slipped after the previous session's rally. U.S. gold futures were 0.3 percent higher at $1,252.6 per ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.86 71.86 -0.86
EUR/USD 1.13941 81.92 -0.5
GBP/USD 1.26177 90.66 -0.42
USD/JPY 113.078 0.64 -0.7
SEK/INR 9.0377 7.9511 -0.0195
DKK/INR 6.402 11.2250 0.49
AUD/USD 1.3869 51.83 -0.88
DXY 96.907 -0.32
Index Today % Change
NIFTY 10549.15 0.58
SENSEX 35150.01 0.54
NIKKEI 21148.02 -0.34
HANG SENG 25771.67 0.07
SHANGHAI 2594.0881 0.37
CAC# 4816.51 1.56
FTSE # 7264.61 0.0042
DAX # 10777.96 1.47
Commodities Today % Change
GOLD # 1248.12 0.29
SILVER# 14.545 0.46
BRENT # 60.39 0.7
NYMEX # 51.42 0.82
Today Today
OPEN 72.4625
HIGH 72.4625
LOW 71.6850
CLOSE 71.8500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
11/12/2018 15.00 GBP Average Earnings Index +Bonus (Oct) 3.3% 3.0% 3.1%
11/12/2018 15.00 GBP Claimant Count Change (Nov) 21.9K 13.2K 23.2K
11/12/2018 15.30 EUR German ZEW Economic Sentiment (Dec) -17.5 -25.0 -24.1

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