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India Rupee At 7-Month High On Corporate, Foreign Fund Inflows

15 March 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.33 pair now at 69.28 against 69.3325 previous close.
  • Pair to tip in 68.90-69.40 range today.
  • The Indian rupee rose to a seven-month high against the dollar in early trade, on the back of foreign portfolio and corporate inflows. Exporter sales ahead of fiscal year-end and ongoing foreign portfolio inflows in local equity markets have helped rupee to break its 2019 highs. The 68.80 level is seen as the next resistance for the rupee, which will likely hold on back of intervention by RBI and profit taking on dollar short positions.

Global Currency

  • The U.S. dollar gained on Thursday for the first time in a week, albeit modestly, as the pound stalled at lower levels ahead of a vote to extend Britain's March 29 deadline for exiting the European Union. The dollar index, a gauge of its strength against six other major currencies, was up 0.22 percent at 96.757 .
  • The British pound paused for breath on Friday but stayed on course for its biggest weekly gain in seven weeks after the UK parliament voted to seek a delay in Britain's exit from the European Union, following a decision to avert a no-deal Brexit. The yen was off oneweek lows after the Bank of Japan kept its policy on hold and a report that North Korea is considering suspending nuclear talks with the US.

Global Markets

  • Oil prices were firm on Friday amid production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019. Despite Friday's dips, oil has rallied around a quarter since the start of the year.
  • Gold prices edged down on Friday after slipping below the key $1,300 level in the previous session, pressured by improving appetite for risk as British lawmakers voted to seek a delay to the country's exit from the European Union.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.304 69.3125 -0.08
EUR/USD 1.13154 78.42 -0.01
GBP/USD 1.32386 91.75 -0.03
USD/JPY 111.711 0.62 -0.12
SEK/INR 9.2962 7.4551 0.0004
DKK/INR 6.1865 11.2025 0.0325
AUD/USD 1.4124 49.06 0.01
1M 2.48375 -0.41486  
3M 22.61088 -0.33171  
6M 2.67638 -0.29843  
1Y 2.859 -0.17686  
Index Today % Change
NIFTY 11417.05 0.65
SENSEX 37998.92 0.65
BANK NIFTY 29341.85 1.45
SGX NIFTY 9347.5 0.33
NIKKEI 21287.02 -0.02
HANG SENG 29124.18 0.95
SHANGHAI 3036.76 1.54
ASX200 6175.2 -0.07
DOW JONES 25709.94 0.03
S&P500 # 2808.48 -0.09
NASDAQ # 7243.014 0
Key Events of the Day
Date Time Currency Event Forecast Previous
15/03/2019 15.30 EUR CPI (YoY) (Feb) 1.5% 1.5%
15/03/2019 19.30 USD JOLTs Job Openings (Jan) 7.310M 7.335M

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