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USD/INR ends down on selling by foreign banks, weak dlr

11 June 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.65 against 69.47 at the previous close. The local unit moved in 69.3850-69.6675 per dollar band intra-day.
  • USD/INR ends down on selling by foreign banks, weak dollar. The greenback continued retreating against its other major counterpart after the US President Donald Trump called off tariff threats on Mexico, weighing on safe haven dollar demand amid increased bets on a Fed rate cut later this year. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.75 Tuesday compared to 96.86 at close of Indian market on Monday.

Global Currency

  • The dollar held above a recent two-and-a-half-month low on Tuesday as bets on an interest rate cut by the Federal Reserve increased, although investors were wary of selling aggressively before a Group of 20 summit this month. Markets are only pricing in about a 20% chance of a rate cut in June, but they are pricing in about 100% chance of a cut by July. A policy meeting is due next week.
  • The pound was lower as a leadership contest for the ruling Conservative Party got underway this week. The euro edged to a five-month high against the pound to 89.32 pence before British employment data. Against a basket of other currencies. The dollar was steady at 96.80, near a late March low of 96.46.

Global Markets

  • Oil edged further above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand. Spot gold XAU= was down 0.4% at $1,322.39 per ounce.
  • Gold fell to a one-week low on Tuesday as the United States halted its plans to impose tariffs on Mexico, boosting appetite for riskier assets like equities at the expense of alternatives like bullion.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.44 -0.13
EUR/USD 1.1312 78.56 -0.14
GBP/USD 1.27027 88.13 -0.06
USD/JPY 108.722 0.64 -0.4
SEK/INR 9.4411 7.3561 -0.0265
DKK/INR 6.187 11.2250 0.49
AUD/USD 1.4376 48.30 -0.01
DXY 96.80 0. 0.04
Index Today % Change
NIFTY 11965 0.36
SENSEX 39940 0.41
NIKKEI 21204 0.33
HANG SENG 27756 0.65
SHANGHAI 2909.91 0.61
CAC# 5426 0.82
FTSE # 7412 0.63
DAX # 12200 1.29
Commodities Today % Change
GOLD # 1321 -0.57
SILVER# 14.66 -0.33
BRENT # 62.44 0.21
NYMEX # 53.65 0.73
Today Today
OPEN 69.4500
HIGH 69.5000
LOW 69.3400
CLOSE 69.4400

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
11/06/2019 14.00 GBP Average Earnings Index +Bonus (Apr) 3.1% 2.9% 3.3%
11/06/2019 14.00 GBP Claimant Count Change (May) 23.2K 22.9K 19.1K

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