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Indian Rupee Falls To 4-Wk Low As Rate Cut Bets Hurt Sentiment

12 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 72.01 against 71.85 at the previous close. The local unit moved in 71.8750‐72.20 per dollar band intra-day.
  • The Indian rupee fell for a third day to a four‐week low against the dollar, on rising bets over interest rate cuts after appointment of a former bureaucrat as the new governor of the central bank, amid prediction of inflation easing going ahead. The political risks after the election outcome and some uneasiness in the market following the appointment of the new governor is hurting the rupee.

Global Currency

  • The dollar held near a one‐month high against its peers on Wednesday, supported by a rebound in U.S. government bond yields and weakness of the pound as its battering from uncertainty about Brexit continued. The dollar index (DXY) versus a basket of six major currencies stood at 97.387 after rising overnight to 97.545, its highest since Nov. 13.
  • The British pound edged higher on Wednesday, following news that Prime Minister Theresa May will face a vote of no‐confidence from members of her own Conservative party later in the session. The pound was on the front foot, with GBP/USD was up around 0.4% at 1.2535 after dropping to as low as 1.2478 overnight, its weakest since April 2017.

Global Markets

  • Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC‐led deal to trim output.
  • Gold prices climbed on Wednesday morning in Asia, despite indications that the Federal Reserve might be more dovish on interest rates. Gold Futures for February delivery rose 0.18% to $1,250.55 on the Comex exchange.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.02 72.02 -0.36
EUR/USD 1.133 81.61 -0.27
GBP/USD 1.25286 90.17 -0.04
USD/JPY 113.424 0.63 -0.43
SEK/INR 9.1548 7.8669 -0.0853
DKK/INR 6.416 11.2250 0.49
AUD/USD 1.3878 -0.26
DXY 97.37 -0.02
Index Today % Change
NIFTY 10737.6 1.79
SENSEX 35779.07 1.79
NIKKEI 21602.75 2.15
HANG SENG 26186.71 1.61
SHANGHAI 2602.1526 0.31
CAC# 4887.31 1.69
FTSE # 7264.61 0.0042
DAX # 10890.15 1.02
Commodities Today % Change
GOLD # 1243.75 0.07
SILVER# 14.499 0
BRENT # 61.26 1.76
NYMEX # 52.62 1.88
Today Today
OPEN 72.2000
HIGH 72.2000
LOW 71.8750
CLOSE 72.0100

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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