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India Rupee Jumps On Trade Deal Hopes, Inflation Data

13 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.48 pair now at 70.49 against 70.70 previous close.
  • Pair to tip in 70.30-70.60 range today.
  • The Indian rupee advanced to a one-month high against the dollar in early trade, as demand for risk assets was boosted by expectations of a trade deal between the U.S. and China. The rupee is being supported by dollar inflows in local markets. It also got a further boost from gains in most emerging currencies. Expectations of a rate cut at home have also gained ground after lower-than-expected inflation data, increasing hopes of more foreign fund inflows.

Global Currency

  • The dollar edged lower versus its peers on Wednesday, as rising hopes of a breakthrough in U.S.-China trade talks led investors to put money into the euro and Asian currencies. We seem to have moved away from dollar dominance over the last two sessions...this weakness is directly related to the improving risk sentiment around trade.
  • Sterling GBP gained 0.1 percent to $1.2900. Traders expect the British pound to remain volatile over the coming weeks as a Brexit deadline looms. The United Kingdom is on course to leave the European Union on March 29 without a deal unless Prime Minister Theresa May can persuade the bloc to amend the divorce deal she agreed last year.

Global Markets

  • Oil prices rose by around 1 percent on Wednesday as producer club OPEC said it had deeply cut supply in January and as U.S. sanctions hit Venezuela's oil exports. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $53.64 per barrel.
  • Gold firmed slightly on Wednesday as investors held onto the safehaven metal while seeking more clarity on Sino-U.S. trade talks, and as volatility in the dollar provided further support.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.524 70.53 -0.02
EUR/USD 1.13383 79.97 0.05
GBP/USD 1.29078 91.04 0.11
USD/JPY 110.626 0.64 -0.2
SEK/INR 9.2448 7.6285 0.0089
DKK/INR 6.2954 11.2025 0.0325
AUD/USD 1.4016 0.2
TIME USD LIBOR EURO LIBOR  
1M 2.49788 -0.41757  
3M 2.688 -0.33357  
6M 2.73363 -0.29614  
1Y 2.92425 -0.17786  
Index Today % Change
NIFTY 10861.45 0.28
SENSEX 36277.03 0.34
BANK NIFTY 27032.85 0.08
SGX NIFTY 9347.5 0.33
NIKKEI 20864.21 2.61
HANG SENG 28399.82 0.81
SHANGHAI 2698.5883 1
ASX200 6063.6 -0.25
DOW JONES 25425.76 1.49
S&P500 # 2744.73 1.29
NASDAQ # 7014.669 1.53
Key Events of the Day
Date Time Currency Event Forecast Previous
13-02-2019 15.00 GBP CPI (YoY) (Jan) 1.9% 2.1%
13-02-2019 Tentative USD Building Permits 1.290M 1.328M
13-02-2019 19.00 USD Core CPI (MoM) (Jan) 0.2% 0.2%
13-02-2019 21.00 USD Crude Oil Inventories 2.668M 1.263M

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