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Indian Rupee Jumps To Near 2-Month High As Oil Prices Crash

14 November 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 72.16 pair now at 72.15 against 72.67 previous close.
  • Pair to tip in 71.90- 72.30 range today.
  • The Indian rupee rose to a near two-month high against dollar in early trade, as a slump in crude oil prices to multi-month lows improved the nation’s current account deficit outlook. Oil prices that were clouding the outlook of India’s macros saw a sharp reversal. Broad weakness in the dollar amid progress in Brexit deal also aided sentiments.

Global Currency

  • The sell-off in the dollar has been due to the improved risk sentiment around a potential Brexit deal and not because of any deterioration in the fundamentals of the U.S. economy. The dollar index a gauge of its value versus six major peers, traded at 97.05 on Wednesday, down 0.26 percent. The index hit a 16-month high of 97.69 on Monday. The dollar to strengthen further on the back of a robust U.S. economy, rising interest rates and its safe haven status.
  • The euro and sterling climbed higher on Wednesday as investor confidence rose on news Britain had struck a draft divorce deal with the European Union after more than a year of talks. The surge in the euro and sterling led investors to take profits on the U.S. dollar, which retraced from a 16-month high.

Global Markets

  • Oil markets struggled to find their footing on Wednesday after plunging by 7 percent the previous session, with surging supply and the spectre of faltering demand keeping investors on edge. International benchmark Brent crude oil futures LCOc1 were up 4 cents at $65.51 per barrel.
  • Gold shook off earlier losses on Tuesday to move back above the key $1,200-per-ounce level, benefiting from a slight retreat in the dollar after a rally driven by the U.S. interest rate outlook and Brexit talks.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 72.1475 72.1575 -0.21
EUR/USD 1.12891 81.45 -0.19
GBP/USD 1.29864 93.69 0.07
USD/JPY 113.914 0.63 -0.32
SEK/INR 9.0535 7.9690 -0.0087
DKK/INR 6.4403 11.2025 0.0325
AUD/USD 1.3857 52.06 -0.21
1M 2.30663 -0.41086  
3M 2.61413 -0.35814  
6M 2.85538 -0.33086  
1Y 3.13475 -0.22229  
Index Today % Change
NIFTY 10573.15 -0.09
SENSEX 35085.98 -0.17
BANK NIFTY 25869.9 0.39
SGX NIFTY 9347.5 0.33
NIKKEI 21810.52 -2.06
HANG SENG 25758.06 -0.13
SHANGHAI 2653.2437 -0.06
ASX200 5728.8 -1.81
DOW JONES 25286.49 -0.4
S&P500 # 2722.18 -0.15
NASDAQ # 6830.906 0.03
Key Events of the Day
Date Time Currency Event Forecast Previous
14-11-2018 12.30 EUR German GDP (QoQ) (Q3) -0.3% 0.5%
14-11-2018 15.00 GBP CPI (YoY) (Oct) 2.5% 2.4%
14-11-2018 19.00 USD Core CPI (MoM) (Oct) 0.2% 0.1%

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