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India Rupee Jumps On Upbeat Risk Mood After Brexit Deal Changes

12 March 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.75 pair now at 69.59 against 69.88 previous close.
  • Pair to tip in 69.40-69.80 range today.
  • The Indian rupee hit an over two-month high against the dollar in early trade, aided by buoyant risk sentiment amid changes to the Brexit deal ahead of a vote by U.K. lawmakers. Risk-on rally has lifted the rupee. The local currency opening above its key resistance of 69.80 paved way for further appreciation. Dollar inflows in local stocks continue to be supportive of the domestic unit. However, higher crude oil prices and fears of RBI intervention may keep speculative flows in check.

Global Currency

  • The dollar index, which measures the greenback against a basket of rivals, shed 0.2 percent to 97.036. But rising risk appetite weighed on the safe-haven yen, pushing the dollar up 0.16 percent to 111.37.
  • The pound surged for a second day as the U.K. government said it had secured changes to its divorce deal from the European Union and planned to hold a vote in the U.K. parliament. Sterling climbed as much as 1.1 percent after gaining 1 percent on Monday amid optimism that progress is finally being made to resolve the Brexit standoff. European Commission President Jean-Claude Juncker urged the British parliament to approve the deal.

Global Markets

  • Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC. A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.
  • Gold rose on Tuesday as the dollar weakened after the European Commission agreed to amendments to the UK's Brexit deal, although gains were limited as the agreement also buoyed sentiment for riskier assets.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.5925 69.6 -0.28
EUR/USD 1.12552 78.33 -0.26
GBP/USD 1.32068 91.90 -0.13
USD/JPY 111.322 0.62 -0.41
SEK/INR 9.3771 7.4215 -0.0135
DKK/INR 6.2122 11.2025 0.0325
AUD/USD 1.4147 49.18 -0.38
1M 2.4915 -0.41414  
3M 2.59663 -0.33014  
6M 2.679 -0.29443  
1Y 2.86363 -0.17486  
Index Today % Change
NIFTY 11298.9 1.17
SENSEX 37491.9 1.18
BANK NIFTY 28329.05 1.3
SGX NIFTY 9347.5 0.33
NIKKEI 21125.09 0.47
HANG SENG 28842.88 1.19
SHANGHAI 3067.0354 1.32
ASX200 6174.8 -0.09
DOW JONES 25650.88 0.79
S&P500 # 2783.3 1.47
NASDAQ # 7164.02 0
Key Events of the Day
Date Time Currency Event Forecast Previous
12/03/2019 15.00 GBP Manufacturing Production (MoM) (Jan) 0.2% -0.7%
12/03/2019 15.00 GBP Monthly GDP 3M/3M Change 0.2% 0.4%
12/03/2019 15.00 GBP Core CPI (MoM) (Feb) 0.2% 0.2%

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