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Indian Rupee Slips For 2nd Week On RBI Chief Shuffle, State Polls

14 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 71.8950 against 72.68 at the previous close. The local unit moved in 71.6950‐72.05 per dollar band intra‐day.
  • The Indian rupee fell for a second straight week against the dollar, as a surprise resignation by the nation’s central bank governor and setback for the ruling party in some key state elections weighed on investor sentiment. There was a knee-jerk reaction after abrupt resignation of the country’s central bank governor, which spooked the market as it added on to the uncertainty which persisted in runup to the state election results.

Global Currency

  • The U.S. dollar was higher on Friday, as investors turned their focus to the expected Federal Reserve rate increase next week, even as uncertainty over next year’s hikes kept gains in check. The Fed meets for two days next week and is expected to increase rates, with a 79.2% chance priced in,
  • The euro fell on Friday as the euro zone economy showed more signs it's beginning to sputter, while the dollar made some headway as investors turned nervous about a slowdown in China. The euro simply lacks domestic catalysts for a more meaningful rally.

Global Markets

  • Oil prices slipped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world's biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers.
  • Gold eased for the second straight session to hit a one‐week low on Friday as the dollar rose, putting the metal on track to post its biggest weekly fall in five ahead of the U.S. Federal Reserve's interest rate decision next week. U.S. gold futures GCv1 were down 0.4 percent at $1,242.80 per ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.89 71.905 0.52
EUR/USD 1.12875 81.15 -0.16
GBP/USD 1.25653 90.30 -0.25
USD/JPY 113.592 0.63 0.5
SEK/INR 9.1099 7.8914
DKK/INR 6.4173 11.2025 0.0325
AUD/USD 1.3959
DXY 71.89 71.905 0.52
Index Today % Change
NIFTY 10805.45 0.13
SENSEX 35962.93 0.09
NIKKEI 26826 0.04
HANG SENG 9347.5 0.33
SHANGHAI 21374.83 -2.02
CAC# 26094.79 -1.62
FTSE # 2593.7407 -1.53
DAX # 5602 -1.05
Commodities Today % Change
GOLD # 2.44013 -0.41371
SILVER# 2.7775 -0.35586
BRENT # 2.89225 -0.32429
NYMEX # 3.10125 -0.21229
Today Today
OPEN 71.7850
HIGH 72.0500
LOW 71.6950
CLOSE 71.8950

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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