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India Rupee Down For 3rd Day On Importers’ Bids; Europe In Focus

15 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.0350 against 70.93 at the previous close. The local unit moved in 70.7750-71.1450 per dollar band intra-day.
  • The Indian rupee slipped for a third straight session to a fresh nearone- month low against the dollar, as importers stepped up greenback purchases, while weak German growth data weighed on the euro, lifting the U.S. currency. Rebound in the dollar index and surge in crude oil prices are the prime reasons for weakness in the rupee. However, the currency should stabilize around current levels as 71.30-71.40 levels is seen as a strong support area. Reversal in global risk appetite amid optimism surrounding the U.S.-China trade deal will support the local unit going forward.

Global Currency

  • The dollar weakened on Tuesday on heightened expectations the Federal Reserve will hold off on raising rates this year due to a slowdown in global growth, while sterling edged up ahead of Britain's parliamentary vote on its Brexit plan. Interest rate futures markets are pricing in no further U.S. rate hikes in 2019.
  • The euro fell on Tuesday after data showed Germany's economy slowed in 2018, underscoring fears about a broader slump in Europe. Europe's largest economy is struggling with a cooling of the global economy and trade disputes driven by U.S. President Donald Trump's policies.

Global Markets

  • Oil prices rose on Tuesday amid supply cuts by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand. Brent crude oil futures were at $59.47 per barrel, up 48 cents, or 0.81 percent, from their last close.
  • Gold fell on Tuesday as the dollar gained due to weak German economic data weighing on the euro, while investors turned their attention to a parliamentary vote on the British government's plan to exit the European Union.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.045 71.045 0.42
EUR/USD 1.14265 81.20 0.05
GBP/USD 1.28445 91.22 0.23
USD/JPY 108.527 0.65 0.07
SEK/INR 8.9559 7.9328 0.0272
DKK/INR 6.329 11.2250 0.49
AUD/USD 1.3887 51.16 0.57
DXY 95.85 0.25
Index Today % Change
NIFTY 10886.8 1.39
SENSEX 36318.33 1.3
NIKKEI 20555.29 0.96
HANG SENG 26830.29 2.02
SHANGHAI 2570.3449 1.36
CAC# 4772.5 0.21
FTSE # 7264.61 0.0042
DAX # 10864.33 0.08
Commodities Today % Change
GOLD # 1289.58 -0.16
SILVER# 15.625 0.1
BRENT # 59.97 1.63
NYMEX # 51.31 1.58
Today Today
OPEN 70.7750
HIGH 71.1450
LOW 70.7750
CLOSE 71.0350

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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