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India Rupee At 1-Mth Low As Weak China Data Spurs Risk Aversion

14 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.93 against 70.4850 at the previous close. The local unit moved in 70.4450-70.9450 per dollar band intra-day.
  • The Indian rupee slumped to a near-one-month low against the dollar, as investors’ appetite for risk assets waned after weaker-thanexpected Chinese trade data. The Indian rupee has been depreciating in the last few sessions, largely on back of higher crude prices, which I expect will move higher. Broad strength in the dollar against Asian units has also added pressure on the rupee. Recovery in dollar index and the rupee’s resistance to break 69.22 levels is likely to add to the decline.

Global Currency

  • The U.S. dollar was little changed, while the Chinese yuan slipped after data showed the country’s exports shrank the most in 2 years in December. The U.S. dollar index that tracks the greenback against a basket of other currencies slipped 0.07% to 95.195. This week investors will be looking ahead to Tuesday’s data on U.S. producer price inflation as they continue to gauge the outlook for policy tightening by the Federal Reserve this year.
  • The pound edged down from a seven-week high on Monday as investors prepared for a vote on British Prime Minister Theresa May's Brexit deal that parliament is expected to vote down. Sterling is taking its cue from Brexit but the future path of Britain's departure from the European Union is deeply uncertain.

Global Markets

  • Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.
  • Gold prices edged up on Monday in Asia while the U.S. dollar was little changed as investors await further news on additional rate hikes in the coming months. Gold futures edged up 0.2% at $1,292.25 on the Comex division

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.94 70.94 0.78
EUR/USD 1.1468 81.35 0.79
GBP/USD 1.28636 91.21 0.95
USD/JPY 108.07 0.66 1.14
SEK/INR 8.9396 7.9355 0.0559
DKK/INR 6.320 11.2250 0.49
AUD/USD 1.3892 51.06 0.64
DXY 95.594 -0.08
Index Today % Change
NIFTY 10737.6 -0.53
SENSEX 35853.56 -0.43
NIKKEI 20359.7 0.97
HANG SENG 26298.33 -1.38
SHANGHAI 2535.7653 -0.71
CAC# 4736.67 -0.93
FTSE # 7264.61 0.0042
DAX # 10806.59 -0.74
Commodities Today % Change
GOLD # 1294.81 0.57
SILVER# 15.577 0
BRENT # 59.77 -1.17
NYMEX # 50.92 -1.3
Today Today
OPEN 70.4800
HIGH 70.9450
LOW 70.4450
CLOSE 70.9300

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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