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India Rupee Snaps 6-Day Gains On Importers' Bids, Weak Shares

13 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.7950 against 70.70 at the previous close. The local unit moved in 70.40-70.8550 per dollar band intra-day.
  • The Indian rupee fell for the first time in seven sessions against the dollar, as importers stepped up greenback purchases, while reversal in local shares raised concerns of foreign fund outflows that erased early gains from upbeat risk sentiment and robust local economic data. After opening higher, gains in the rupee were not sustained as these levels remain attractive for oil and other importers, which boosted demand for the dollar. U-turn in local shares and state-run banks’ greenback purchases at higher levels also weighed on the rupee.

Global Currency

  • After an eight-day winning streak, the dollar has finally pulled back in early trading in Europe Wednesday, as demand for safe-haven assets weakens on signs that the U.S. federal government won’t shut down again this year. President Donald Trump said Tuesday he’s not happy with a tentative deal in Congress that would allocate barely a quarter of what he had sought for a wall on the U.S.’s southern border.
  • Sterling edged up to $1.2898 after the TV channel ITV (LON:ITV) reported comments from U.K. Prime Minister Theresa May’s chief negotiator Olly Robins in which Robins predicted May would offer parliament in March a choice between her EU withdrawal deal or a lengthy extension to the Brexit process.898

Global Markets

  • Gold prices inched up on Wednesday, supported by a weaker dollar on hopes of a deal between the United States and China over a longdrawn trade war, but improved risk appetite capped bullion's gains.
  • Brent oil prices rose on Wednesday, after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, while U.S. futures gained on a decline in domestic oil inventories.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.7950 70.7950 0.37
EUR/USD 1.13243 80.21 0.35
GBP/USD 1.29335 91.62 0.75
USD/JPY 110.631 0.64 0.17
SEK/INR 9.1877 7.7065 0.0869
DKK/INR 6.308 11.2250 0.49
AUD/USD 1.4044 0.39
DXY 96.787 0.08
Index Today % Change
NIFTY 10793.65 -0.35
SENSEX 36034.11 -0.33
NIKKEI 21144.48 1.34
HANG SENG 28497.59 1.16
SHANGHAI 2721.0683 1.84
CAC# 5066.4 0.2
FTSE # 7264.61 0.0042
DAX # 11130.98 0.04
Commodities Today % Change
GOLD # 1311.13 0.05
SILVER# 15.71 0.32
BRENT # 63.34 1.47
NYMEX # 53.74 1.21
Today Today
OPEN 70.4800
HIGH 70.8550
LOW 70.4000
CLOSE 70.7950

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
13-Feb-19 15.00 GBP CPI (YoY) (Jan) 1.8% 1.9% 2.1%

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