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India Rupee At 1-Month Low On Fiscal Worries; RBI Caps Losses

16 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.24 against 71.0350 at the previous close. The local unit moved in 70.91-71.26 per dollar band intra-day.
  • The Indian rupee fell for a fourth straight session to a month-low against the dollar, as concerns the federal government may deviate from fiscal consolidation path weighed on local bonds, increasing fears of more foreign fund outflows. Rupee was consolidating at around 71 levels as positive trade data offset broad strength in the dollar amid uncertainty after Brexit vote. However, dollar demand from foreign banks rose on renewed concerns over fiscal slippage. The rupee is well offered by exporters below 71 levels. Still, further gains will be limited on month-end demand starting next week.

Global Currency

  • The pound firmed up on Wednesday following a plunge overnight when the UK parliament overwhelmingly voted down Prime Minister Theresa May's Brexit deal, adding to uncertainties surrounding the UK’s withdrawal from the European Union. The parliament on Tuesday voted 432-202 against May's deal, the worst parliamentary defeat for a government in recent British history.
  • The euro slipped against the dollar and the pound on Wednesday as worries about the outlook of the euro zone economy weighed on the single currency while sterling edged higher before a no-confidence vote on Prime Minister Theresa May's government.

Global Markets

  • Oil prices steadied on Wednesday after climbing about 3 percent in the previous session on expectations that OPEC-led production cuts will tighten supply and that possible Chinese stimulus might help the global economy.
  • Gold held steady on Wednesday, supported by a slight retreat in the dollar while gains were capped by a modest recovery in equities, as caution set in ahead of a no-confidence vote on British Prime Minister Theresa May's government.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.25 71.25 0.2
EUR/USD 1.13849 81.10 -0.01
GBP/USD 1.28523 91.53 0.06
USD/JPY 108.848 0.65 0.01
SEK/INR 8.9948 7.9212 -0.0004
DKK/INR 6.347 11.2250 0.49
AUD/USD 1.3943 51.09 0.12
DXY 96.129 0.09
Index Today % Change
NIFTY 10890.3 0.03
SENSEX 36321.29 0.01
NIKKEI 20442.75 -0.55
HANG SENG 26902.1 0.27
SHANGHAI 2570.4221 0
CAC# 4788.52 0.05
FTSE # 7264.61 0.0042
DAX # 10873.96 -0.16
Commodities Today % Change
GOLD # 1288.91 -0.03
SILVER# 15.535 -0.07
BRENT # 60.3 -0.56
NYMEX # 51.64 -0.9
Today Today
OPEN 71.0600
HIGH 71.2600
LOW 70.9100
CLOSE 71.2400

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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