Offers & Promotions Download Brochure Get a Call Back Download App
Contact us

India Rupee Gains As Foreign Banks Step Up Dollar Sales

12 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.1725 pair now at 71.02 against 71.1650 previous close.
  • Pair to tip in 71.80-71.20 range today.
  • The Indian rupee rose to a more-than-one-week high against U.S. currency in early trade, as foreign banks sold dollars, offsetting the broad strength in the dollar. opes of foreign fund inflows have lifted the rupee. Foreign banks including a German lender and a British lender were among the major sellers. However, volatility in crude oil prices and the dollar index’s strength will keep the gains in check. Mid-month demand from importers will also be watched.

Global Currency

  • The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback's safe-haven appeal. Beyond its safe haven appeal, the dollar is still the highest-yielding currency in the developed world and with all major central banks turning dovish, the greenback seems relatively attractive.
  • The single currency was relatively unchanged at $1.1278 in Asian trade, having lost nearly half a percent on Monday. The euro EUR= has weakened for six consecutive sessions, and traders expect further losses now that the crucial psychological support of $1.13 has been broken. The next level of support for EUR/USD is the November low of 1.1215 which should be tested quickly.

Global Markets

  • Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. production and concerns over economic growth to keep markets in check.
  • Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of Sino-U.S trade talks, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.95 70.9625 -0.25
EUR/USD 1.12752 80.00 -0.25
GBP/USD 1.28623 91.26 -0.17
USD/JPY 110.605 0.64 -0.41
SEK/INR 9.3021 7.6273 -0.0187
DKK/INR 6.3334 11.2025 0.0325
AUD/USD 1.4127 -0.25
1M 2.50413 -0.41871  
3M 2.69775 -0.33243  
6M 2.74188 -0.29586  
1Y 2.93575 -0.16971  
Index Today % Change
NIFTY 10878.45 -0.1
SENSEX 36341.09 -0.15
BANK NIFTY 27243.75 0.06
SGX NIFTY 9347.5 0.33
NIKKEI 20333.17 -2.01
HANG SENG 28168.1 0.09
SHANGHAI 2670.9017 0.64
ASX200 6079.1 0.3
DOW JONES 25053.11 -0.21
S&P500 # 2709.8 0.07
NASDAQ # 6909.185 -0.06
Key Events of the Day
Date Time Currency Event Forecast Previous
12-02-2019 20.30 USD JOLTs Job Openings (Dec) 6.900M 6.888M

Share this post?