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Indian Rupee Rises As Oil Slump, Likely US-China Talks Support

13 November 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 72.67 against 72.89 at the previous close. The local unit moved in 72.52-72.83 per dollar band intra-day.
  • The Indian rupee rose for the third time in four sessions against the dollar, as lower crude oil prices and reports of talks between the U.S. and China eased concerns over trade feud between the world’s biggest two economies. Lower crude oil prices and renewed talks over likely U.S.-China negotiations are helping sentiments, but any large gains in the rupee were not seen as this has been going on in the market for quite some time now.

Global Currency

  • The dollar was trading near the highest levels of the year on Tuesday, amid expectations for higher U.S. interest rates, while the pound rebounded from one-and-a-half week lows despite ongoing Brexit uncertainty. The dollar was trading close to five-week highs against the yen, with USD/JPY up 0.23% to 114.10.
  • The euro edged higher, with EUR/USD inching up 0.1% to 1.1230. The single currency struggled to make headway with investors focused on the ongoing row between Brussels and Rome over Italy’s budget. The European Commission rejected Italy's 2019 budget last month, because it was in breach of European fiscal rules.

Global Markets

  • Oil prices fell more than 2 percent on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Both crude benchmarks have fallen more than 20 percent since peaking at four-year highs in early October.
  • Gold prices edged higher on Tuesday as investors resorted to bargain-hunting after the precious metal fell to over one-month lows weighed down by a stronger dollar.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.37 72.67 -0.26
EUR/USD 1.12519 81.77 -0.01
GBP/USD 1.29223 93.91 0.30
USD/JPY 114.001 0.64 -0.46
SEK/INR 9.0552 7.9921 0.0263
DKK/INR 6.447 11.2250 0.49
AUD/USD 1.3887 52.33 -0.21
DXY 97.452 -0.09
Index Today % Change
NIFTY 10582.5 0.96
SENSEX 35144.49 0.95
NIKKEI 21810.52 -2.06
HANG SENG 25792.87 0.62
SHANGHAI 2654.8795 0.93
CAC# 5082.4 0.46
FTSE # 7264.61 0.0042
DAX # 11417.01 0.81
Commodities Today % Change
GOLD # 1197.91 -0.22
SILVER# 13.945 -0.21
BRENT # 68.76 -1.94
NYMEX # 58.67 -2.1
Today Today
OPEN 72.7900
HIGH 72.8300
LOW 72.5200
CLOSE 72.6700

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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