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USD/INR opens down as trade tensions ease

16 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.27 pair now at 70.26 against 70.33 previous close.
  • Pair to tip in 70.10-70.50 range today.
  • Dollar/rupee opened down on Thursday as risk appetite improved on expectation that President Trump may delay imposing auto tariffs. US. Trump administration officials said that President Donald Trump is expected to delay a decision to impose auto tariffs by up to six months to avoid blowing up negotiations with the EU and Japan and further antagonize allies as he ramps up his trade war with China. Trump faces a deadline of May 18 over how to proceed with his threat to slap a tariff of as much as 25% on imported cars and parts.

Global Currency

  • The euro was buoyant on Thursday as trade concerns eased on expectations that U.S. President Donald Trump will delay implementing tariffs on imported cars. Trump administration officials told Reuters on Wednesday that the president is expected to put off a decision on imposing tariffs on imported cars and parts by up to six months, for now preventing a further increase in transatlantic trade tensions.
  • The euro was 0.05% higher at $1.1207, having bounced overnight from a one-week low of $1.1178. The single currency was initially hit as Italy's Deputy Prime Minister Matteo Salvini criticized European Union rules for the second day.

Global Markets

  • Oil prices rose on Thursday for a third straight session, as the risk of conflict in the Middle East stoked fears of supply disruptions, negating an unexpected rise in U.S. inventories.
  • Gold bugs await their next stab at $1,300, but the veil over the U.S.-China trade talks -- and where that could be headed -- has to be lifted first.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.22 70.2275 -0.01
EUR/USD 1.12084 78.71 -0.02
GBP/USD 1.28503 90.24 0.06
USD/JPY 109.53 0.64 0.01
SEK/INR 9.6067 7.3095 -0.0094
DKK/INR 6.2682 11.2025 0.0325
AUD/USD 1.4453 48.56 -0.01
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11162.80 0.05
SENSEX 37157.27 0.11
BANK NIFTY 28596.70 -0.07
SGX NIFTY 11181.50 0.17
NIKKEI 21039.25 -0.68
HANG SENG 28294.00 0.10
SHANGHAI 2947.01 0.28
ASX200 6302.20 0.30
DOW JONES 25619.20 -0.24
S&P500 # 2845.58 -0.24
NASDAQ # 7485.90 -0.36
Key Events of the Day
Date Time Currency Event Forecast Previous
16-May-19 18.00 USD Building Permits (Apr) 1.290M 1.288M
16-May-19 18.00 USD Philadelphia Fed Manufacturing Index (May) 10.0 8.5

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