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Indian Rupee Snaps 2-Day Loss On Hopes Of Steps Post PM Review

12 September 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 72.1850 against 72.69 at the previous close. The local unit moved in 71.9250-72.91 per dollar band intra-day.
  • The Indian rupee rebounded from record-low levels intraday to end higher for the first time in three sessions, on news Prime Minister Narendra Modi may review the nation’s economic situation over the weekend, raising hopes for steps to stem the currency’s recent slump. The expectation that government may announce measures helped prop up the rupee.

Global Currency

  • The dollar was largely unchanged on Wednesday as markets remained cautious over the likelihood of an escalation in the trade conflict between the United States and China in the backdrop of growing weakness in the renminbi. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, was 0.1% higher at 95.15.
  • Investors remained focused on the U.S.- China trade dispute amid fears that an escalation could be imminent.China will ask the World Trade Organization next week for permission to impose sanctions on the U.S. for Washington's non-compliance with a ruling in a dispute over U.S. dumping duties. This comes after President Donald Trump announced Friday that there could more trade tariffs against Beijing totaling $267 billion.

Global Markets

  • Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.
  • Gold was steady on Wednesday, failing to break from a narrow trading range as investors remained concerned about a simmering trade war between the United States and China. Spot gold XAU= was off just 0.07 percent at $1,196.70 an ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.1850 -0.61
EUR/USD 1.15816 83.61 -0.81
GBP/USD 1.2989 93.72 -0.83
USD/JPY 111.483 0.65 -0.51
SEK/INR 9.0496 7.9770 -0.0597
DKK/INR 6.4418 11.21 -0.0923
AUD/USD 1.4054 51.37 -0.76
DXY 72.1884 72.765 -0.61
Index Today % Change
NIFTY 11369.9 0.73
SENSEX 37717.96 0.81
NIKKEI 26819.2 0.04
HANG SENG 9347.5 0.33
SHANGHAI 22604.61 -0.27
CAC# 26345.04 -0.29
FTSE # 2656.1116 -0.33
DAX # 6175.9 -0.06
Commodities Today % Change
GOLD # 2.14794 -0.398
SILVER# 2.33425 -0.35643
BRENT # 2.55775 -0.31771
NYMEX # 2.8685 -0.21957
Today Today
OPEN 72.7850
HIGH 72.9100
LOW 71.9250
CLOSE 72.1850

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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