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India Rupee Jumps To 1-Month High On Likely Dollar Inflows

12 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.70 against 71.1650 at the previous close. The local unit moved in 70.69-71.2150 per dollar band intra-day.
  • The Indian rupee rose to a one-month high against the dollar, helped by banks’ greenback sales likely on behalf of their custodial clients who stepped up investments into local markets. Rupee’s appreciation is not due to any changes in the fundamentals but because of expectations of fund inflows, therefore some strength in the local currency may continue in the near term. However, weak local shares and uptick in dollar index along with rebound in the oil prices limited larger gains in the rupee. For further cues U.S.-China trade talks will be closely watched by the investors.

Global Currency

  • The dollar was on track for its longest winning streak in two years on Tuesday, as hopes of a breakthrough in U.S-China trade talks and a tentative deal to avoid a U.S. government shutdown encouraged investors to cover short bets on the currency. Traders bet the U.S. Federal Reserve would pause in its rate increases and other major economies would grow quickly.
  • Sterling GBP=D3 was steady at $1.2878 before a statement by Prime Minister Theresa May to lawmakers in parliament. While the Fed held interest rates steady last month, the case for buying the euro and the pound has weakened steadily. Economic data in Europe have deteriorated and Brexit concerns have dogged the British pound

Global Markets

  • Gold rose on Tuesday's slight pause in the dollar's rally as the United States and China continue talks aimed at ending their trade conflict. Spot gold XAU was up 0.3 percent at $1,312.45 an ounce.
  • Oil prices gained nearly 2 percent on Tuesday, supported by OPECled production cuts which Saudi Arabia said it would surpass by over half a million barrels per day (bpd) and by U.S. sanctions against Iran and Venezuela.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.71 70.71 0.77
EUR/USD 1.12852 79.70 -0.62
GBP/USD 1.28572 90.75 -0.72
USD/JPY 110.501 0.64 -0.81
SEK/INR 9.2849 7.6156 -0.0304
DKK/INR 6.299 11.2250 0.49
AUD/USD 1.4109 -0.49
DXY 97.013 -0.05
Index Today % Change
NIFTY 10831.4 -0.53
SENSEX 36153.62 -0.66
NIKKEI 20864.21 2.61
HANG SENG 28171.33 0.1
SHANGHAI 2671.8937 0.68
CAC# 5069.04 1.09
FTSE # 7264.61 0.0042
DAX # 11144.2 1.18
Commodities Today % Change
GOLD # 1312.41 0.32
SILVER# 15.657 0
BRENT # 62.78 2.06
NYMEX # 53.37 1.83
Today Today
OPEN 71.1725
HIGH 71.2150
LOW 70.6900
CLOSE 70.7000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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