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USD/INR ends at 6-mo high on likely FII outflows, worsening risk-appetite

13 August 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.40 against 70.80 at the previous close. The local unit moved in 71.02-71.40 per dollar band intra-day.
  • Dollar/rupee ended at six-month high Tuesday on likely overseas outflows from local stocks amid heightened risk-aversion in the market supporting safe haven dollar demand tracking political unrest in Hong Kong and sharp fall in Argentina's peso. FIIs pulled out of local equities segments and foreign banks bought dollars most likely on their behalf. Also, globally sentiments are weak due to the political unrest in both Hong Kong and Argentina. The minister gave no indication at a meeting held with foreign portfolio investors.

Global Currency

  • The Japanese yen remained near seven-month highs on Tuesday and the U.S. dollar supported, as investors unnerved by the Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina's peso currency sought safety. U.S. Treasury yields have declined steadily recently, and the spread between U.S. and Japanese benchmark 10-year yields has shrunk to its narrowest since November 2016.
  • The euro briefly extended an earlier decline after a survey showed German sentiment deteriorated more than expected. have flocked to the yen amid an escalating trade war between China and the United States and worries about a global economic slowdown. The Japanese currency, along with the dollar and Swiss franc, is a safe haven in times of uncertainty.

Global Markets

  • Oil prices edged higher on Tuesday as expectations for major producers to further curtail output offset lingering concerns over global demand and rising U.S. production.
  • Gold hit a more than six-year high on Tuesday as unrest in Hong Kong and a rout in the Argentine peso drove investors already spooked by the U.S.-China trade war into havens like bullion at the expense of riskier assets such as stocks.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.41 71.41 0.19
EUR/USD 1.12135 80.14 0.22
GBP/USD 1.20837 86.27 0.19
USD/JPY 105.216 0.68 0.22
SEK/INR 9.5439 7.4823
DKK/INR 6.362 11.2250 0.49
AUD/USD 1.4777 48.33
DXY 97.50 0.05
Index Today % Change
NIFTY 10959 -1.65
SENSEX 36958 -1.66
NIKKEI 20455.40 -1.11
HANG SENG 25281.30 -2.10
SHANGHAI 2797.26 -0.63
CAC# 5280.72 -0.56
FTSE # 7183.08 -0.60
DAX # 11576.30 -0.88
Commodities Today % Change
GOLD # 1538 +1.390
SILVER# 17.448 +2.210
BRENT # 58.40 +1.43
NYMEX # 53.38 +1.24
Today Today
OPEN 71.1900
HIGH 71.4000
LOW 71.0200
CLOSE 71.4000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
13/08/2019 14.00 GBP Average Earnings Index +Bonus (Jun) 3.7% 3.7% 3.5%
13/08/2019 14.00 GBP Claimant Count Change (Jul) 28.0K 32.0K 31.4K
13/08/2019 14.30 EUR German ZEW Economic Sentiment (Aug) -44.1 -27.8 -24.5

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