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India Rupee Gains On Hopes Of FPI Inflows Into Bonds Post MPC

11 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.1650 against 71.30 at the previous close. The local unit moved in 71.10-71.29 per dollar band intra-day.
  • The Indian rupee rose for a third session against the dollar, aided by hopes of inflows into local bonds after the nation’s rate-setting panel unexpectedly cut key interest rate last week. Since the budget, rupee has performed well as the risk premium for investing in the local assets have come down and also MPC policy outcome raised bets of inflows into bonds. But U.S.-China trade talks remain as the key factor to decide the move of the dollar and emerging market currencies. expects rupee to trade in 71.00-72.00 range for next two weeks.

Global Currency

  • The dollar rose on Monday as concerns grew that U.S.-China talks this week would not heal a rift over trade between the world's largest economies. The dollar is being lifted by its safe-haven appeal as investors, worried about a sharp global economic slowdown, pile into the world's most liquid currency.
  • The euro EUR=EBS was a touch lower versus the greenback at $1.1322. The euro came under pressure as core European government debt yields touched their lowest in over two years. The single currency has lost 2.5 percent so far this month. The European Commission on Thursday sharply cut its forecasts for euro zone economic growth for this year and next.

Global Markets

  • Oil prices were steady on Monday as support from OPEC-led supply restraint was countered by an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks. Brent Crude oil was little changed, up 3 cents at $62.13 a barrel.
  • Gold fell on Monday as investors looked to the safety of the dollar to stave off risks from the U.S.- China trade spat, as concerns mounted over a slowdown in global growth.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.175 71.175 -0.01
EUR/USD 1.13133 80.52 -0.09
GBP/USD 1.29115 91.88 -0.18
USD/JPY 110.139 0.65 -0.37
SEK/INR 9.2694 7.6785 0.0133
DKK/INR 6.341 11.2250 0.49
AUD/USD 1.4121 -0.02
DXY 96.741 0.11
Index Today % Change
NIFTY 10888.8 -0.5
SENSEX 36395.03 -0.41
NIKKEI 20333.17 -2.01
HANG SENG 28143.84 0.71
SHANGHAI 2653.896 1.36
CAC# 4998.73 0.75
FTSE # 7264.61 0.0042
DAX # 10983.7 0.71
Commodities Today % Change
GOLD # 1307.48 -0.5
SILVER# 15.773 0
BRENT # 61.89 -0.34
NYMEX # 52.27 -0.85
Today Today
OPEN 71.2300
HIGH 71.2900
LOW 71.1000
CLOSE 71.1650

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
11-02-2019 15:00 GBP GDP (MoM) -0.4% 0.0% 0.2%
11-02-2019 15:00 GBP GDP (YoY) (Q4) 1.3% 1.4% 1.6%
11-02-2019 15:00 GBP GDP (QoQ) (Q4) 0.2% 0.3% 0.6%
11-02-2019 15:00 GBP Manufacturing Production (MoM) (Dec) 0.7% 0.2% -0.1%

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