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India Rupee Falls Most In Over 1-Week As Crude Prices Jump

14 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.16 against 70.7950 at the previous close. The local unit moved in 70.80-71.17 per dollar band intra-day.
  • The Indian rupee posted its biggest single-session fall in over a week against the dollar, on greenback purchases by importers amid a spike in crude prices, while faster U.S. inflation rate lifted the dollar. After the recent appreciation in the rupee, largely on back of dollar inflows along with rate cut and expectations of higher economic growth, some retracement was seen in the local unit on import buying. Also, the crude prices have edged higher making importers jittery. If the Brent crude prices sustain over $64.20 per barrel level for the next few sessions, it will keep the rupee under pressure

Global Currency

  • The euro and the British pound fell to multi-week lows against the firmer U.S. dollar on Thursday as weak economic data out of the euro zone and concerns over Brexit weighed. EUR/USD dipped 0.1% to 1.1249 the weakest level since mid-November after data showing that Germany’s GDP was flat in the fourth quarter, after a 0.2% contraction in the previous quarter.
  • The pound was on the back foot, with GBP/USD down 0.14% to a one-month low of 1.2824 ahead of a parliamentary vote later in the day on Prime Minister Theresa May's plan for an agreement with the European Union on the terms of its withdrawal from the bloc. Britain is due to quit the EU on March 29.

Global Markets

  • Gold was little changed on Thursday as investors awaited clarity on the ongoing trade talks between Washington and Beijing and the U.S. government shutdown, with a strong dollar and stock markets pinning prices near $1,300 an ounce.
  • Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.17 71.17 0.41
EUR/USD 1.1267 80.22 0.45
GBP/USD 1.2806 91.11 0.08
USD/JPY 111.036 0.64 0.36
SEK/INR 9.2831 7.6666 0.0211
DKK/INR 6.340 11.2250 0.49
AUD/USD 1.4065 0.37
DXY 97.208 0.08
Index Today % Change
NIFTY 10746.05 -0.44
SENSEX 35876.22 -0.44
NIKKEI 21139.71 -0.02
HANG SENG 28432.05 -0.23
SHANGHAI 2719.6999 -0.05
CAC# 5110.45 0.71
FTSE # 7264.61 0.0042
DAX # 11200.21 0.3
Commodities Today % Change
GOLD # 1304.46 -0.13
SILVER# 15.624 0
BRENT # 64.42 1.27
NYMEX # 54.37 0.87
Today Today
OPEN 70.8700
HIGH 71.1700
LOW 70.8000
CLOSE 71.16

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
14-Feb-19 12.30 EUR German GDP (QoQ) (Q4) 0.0% 0.1% -0.2%

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