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Indian Rupee At Near 2-Month High Tracking Plunge In Oil Prices

14 November 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 72.3050 against 72.67 at the previous close. The local unit moved in 72.00-72.41 per dollar band intra-day.
  • The Indian rupee gained for a second session to a near-two-month high against the dollar, tracking an overnight plunge in crude oil prices that soothed worries over widening of current account deficit. There are host of factors supporting the rupee, including a sharp decline in crude oil prices, which has eased worries over India’s current account deficit and reversal in dollar index from 16-month high. Dollar inflows in local equities have also helped.

Global Currency

  • The dollar dipped against a currency basket on Wednesday, while the pound slipped back below the 1.30 level ahead of a key UK cabinet meeting to debate the draft agreement on Brexit hammered out after more than a year of talks. Major currencies traded in tight ranges, with the dollar edging lower from a 16-month high.
  • The euro hovered below $1.13 on Wednesday as Italy re-submitted its draft budget for next year to the European Commission and traders prepared for economic growth numbers due out later. The single currency was flat at $1.1287 EUR after trading above $1.13 late Tuesday. The euro hit 16-month low of 1.1216 earlier this week.

Global Markets

  • Oil rose towards $67 a barrel on Wednesday, recouping some of the previous session's slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.
  • Gold prices held steady on Wednesday as the U.S. dollar retraced from a 16-month high touched earlier in the week, easing amid a surge in the euro and sterling on a draft Brexit agreement.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.37 73.005
EUR/USD 1.12713 81.50
GBP/USD 1.29377 93.60
USD/JPY 113.871 0.63 -0.09
SEK/INR 8.9953 8.0453
DKK/INR 6.447 11.2250 0.49
AUD/USD 1.3885 52.07
DXY 97.315 0.01
Index Today % Change
NIFTY 10576.3 -0.06
SENSEX 35141.99 -0.01
NIKKEI 21846.48 0.16
HANG SENG 25654.43 -0.54
SHANGHAI 2632.2425 -0.85
CAC# 5079.34 -0.44
FTSE # 7264.61 0.0042
DAX # 11430.27 -0.37
Commodities Today % Change
GOLD # 1200.0699 -0.16
SILVER# 13.952 0
BRENT # 65.83 0.55
NYMEX # 55.74 0.09
Today Today
OPEN 72.1600
HIGH 72.4100
LOW 72.0000
CLOSE 72.3050

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
14-11-2018 12.30 EUR German GDP (QoQ) (Q3) -0.2% -0.3% 0.5%
14-11-2018 15.00 GBP CPY(YoY) 2.4% 2.5% 2.4%

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