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USD/INR ends down on weak dlr, likely FPI inflows into local debt

15 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.5375 against 68.68 at the previous close. The local unit moved in 68.50-68.5975 per dollar band intra-day.
  • Dollar/rupee ended down Monday on selling by foreign banks tracking a weak greenback amid likely overseas inflows into local debt. Foreign banks were on the sell-side. Dollar still remains weak on hopes of a Fed rate cut. Also, FPI flows into local debt segment further aided demand for local currency. Dollar/rupee ended at Rs 68.53/$1 Monday compared to previous close of Rs 68.68/$1. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.80 with 97.06 at close.

Global Currency

  • The euro remained within its recent trading range against the dollar on Monday, its progress capped by expectations for a dovish European Central Bank meeting next week and after investors turned more bearish on the currency. Money markets have priced in an ECB rate cut of 10 basis points in September and another one in March. The meeting on July 25 may reinforce those expectations. The euro EUR=EBS was up 0.08% at $1.1281, still within the recent range of $1.14 to $1.11.
  • The dollar was a touch lower against the euro and yuan to start the week in Europe, after slightly better-than-expected economic data out of China eased concerns a little over the global economic slowdown.

Global Markets

  • Oil prices rose slightly on Monday as Chinese industrial output and retail data topped expectations but gains were capped by overall figures showing the country's slowest quarterly economic growth in decades.
  • Gold steadied on Monday after data showed Chinese economic growth slowed to its weakest in about 27 years, while gains in equities curbed appetite for bullion as investors latched onto some positive readings from the world's second-biggest economy.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.545 68.545 -0.01
EUR/USD 1.1274 77.29 0.04
GBP/USD 1.25432 85.94 -0.26
USD/JPY 107.909 0.63 -0.03
SEK/INR 9.3687 7.3164 0.0052
DKK/INR 6.106 11.2250 0.49
AUD/USD 1.4222 48.17 -0.03
DXY 96.80 0.0
Index Today % Change
NIFTY 11588 0.31
SENSEX 38896 0.41
NIKKEI 21685 0.20
HANG SENG 28521 0.14
SHANGHAI 2915.30 -0.44
CAC# 5573 0.02
FTSE # 7536 -0.01
DAX # 12371 0.39
Commodities Today % Change
GOLD # 1416 0.66
SILVER# 15.33 0.13
BRENT # 67.00 0.28
NYMEX # 60.43 0.22
Today Today
OPEN 68.5400
HIGH 68.5975
LOW 68.5000
CLOSE 68.5350

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
15/07/2019 12.00 INR WPI Inflation (YoY) (Jun) 2.02 2.35 2.45

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