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India Rupee Logs Best Week In 6 On Inflows; Oil Rally Caps Gains

15 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.22 against 71.16 at the previous close. The local unit moved in 71.20-71.4250 per dollar band intra-day.
  • The Indian rupee posted its first weekly rise in six weeks against the dollar, helped by dollar inflows into local markets even as rally in crude oil prices trimmed most of the weekly gains. The Indian rupee, which was boosted by flows from a telecom company and disinvestment-related inflows, reversed most of its gains in the last three days, despite broad strength in dollar and decline in equities. Most of the flows were likely absorbed by the central bank and importers, particularly the oil companies amid rally in crude prices.

Global Currency

  • The dollar was edging higher against major European currencies early Friday in Europe after weak Chinese inflation data overnight reinforced concerns about global growth. Fears about the growth outlook have revived this week in the wake of a shockingly sharp fall in U.S. retail sales in December, and there is still not enough evidence of progress in the trade talks between China and the U.S. to suggest that risk appetite will return quickly.
  • The euro was at $1.1278, down 0.2% and seemingly set to test a three-month low of $1.1218 later. Pound was still struggling below $1.28 after another parliamentary defeat Thursday – albeit only a symbolic one, for PM Theresa May over her Brexit strategy.

Global Markets

  • Gold and the U.S. dollar, both considered as safe-haven assets these days, gained on Friday in Asia following the release of weak U.S. retail sales and China inflation data. Gold was up $2.75, or 0.2%, at $1,316.65 per ounce.
  • Oil prices rose on Friday in Asia after briefly falling on a weak U.S. retail sales data report. U.S. retail sales tumbled 1.2% in December, the first time in 10 months, the Commerce Department reported on Thursday. Economists had forecasted a gain of 0.1% for the period.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.23 71.23 0.35
EUR/USD 1.12778 80.39 0.19
GBP/USD 1.28269 91.40 0.59
USD/JPY 110.454 0.65 0.4
SEK/INR 9.2891 7.6681 0.0258
DKK/INR 6.346 11.2250 0.49
AUD/USD 1.4056 0.42
DXY 97.095 0.12
Index Today % Change
NIFTY 10724.4 -0.2
SENSEX 35808.95 -0.19
NIKKEI 20900.63 -1.13
HANG SENG 27900.84 -1.87
SHANGHAI 2682.385 -1.37
CAC# 5113.89 1.02
FTSE # 7264.61 0.0042
DAX # 11185.18 0.86
Commodities Today % Change
GOLD # 1317.77 0.4
SILVER# 15.5 0
BRENT # 64.84 0.42
NYMEX # 54.58 0.31
Today Today
OPEN 71.2300
HIGH 71.4250
LOW 71.2000
CLOSE 71.2200

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
15-Feb-19 15.00 GBP Retail Sales (MoM) (Jan) 1.0% 0.2% -0.2%

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