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India Rupee Steady As Importers' Dollar Bids Offset Early Gains

15 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.7750 pair now at 70.98 against 70.93 previous close.
  • Pair to tip in 70.70- 71.10 range today.
  • Indian rupee weakened sharply on Tuesday on "chunky outflows" with no intervention seen by the Reserve Bank of India, The rupee breached the crucial 71 to the dollar mark in early trade, There have been chunky outflows for the last two days. The impact of the retail inflation and broad weakness in the dollar waned as importers and foreign banks stepped up dollar purchases, he added on any intervention noticed by the central bank through state banks to stem the sharp fall in the rupee.

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. Worries over the U.S. economy losing steam as well as a shock contraction in Chinese trade have fanned worries about a sharp global slowdown.
  • Sterling will be in focus as British Prime Minister Theresa May must win a vote in parliament later on Tuesday to get her Brexit deal approved or risk a chaotic exit for Britain from the European Union. The numbers are not in May's favour and her chances of winning the vote look extremely slim. May needs to secure 318 votes to win.

Global Markets

  • Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains. International Brent crude oil futures LCOc1 were at $59.64 per barrel.
  • Gold prices held steady on Tuesday, supported by market expectations of fewer interest rate hikes in the year by the U.S. Federal Reserve, while a bounce in Chinese equities stoked interest in riskier assets.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.9175 70.93 0.24
EUR/USD 1.14804 81.41 0.31
GBP/USD 1.28989 91.48 0.52
USD/JPY 108.549 0.65 -0.12
SEK/INR 8.9373 7.9350 0.0294
DKK/INR 6.3305 11.2025 0.0325
AUD/USD 1.3864 51.15 0.32
1M 2.50894 -0.41843  
3M 2.78731 -0.32857  
6M 2.86463 -0.29686  
1Y 3.01869 -0.172  
Index Today % Change
NIFTY 10820.3 0.77
SENSEX 36129.98 0.77
BANK NIFTY 27381.65 0.49
SGX NIFTY 9347.5 0.33
NIKKEI 20359.7 0.97
HANG SENG 26746.57 1.7
SHANGHAI 2560.1729 0.96
ASX200 5810.6 0.64
DOW JONES 23909.84 -0.36
S&P500 # 2582.61 -0.53
NASDAQ # 6541.038 -0.91
Key Events of the Day
Date Time Currency Event Forecast Previous
15-Jan-2019 19.00 USD PPI (MoM) (Dec) -0.1% 0.1%

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