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India Rupee At 2-Week High As Oil Prices Ease; Fed Minutes Eyed

16 October 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 73.46 against 73.83 at the previous close. The local unit moved in 73.46-73.9550 per dollar band intra-day.
  • The Indian rupee rose to a two-week high against the dollar in volatile trade, as a reversal in increasing crude oil prices helped offset early losses. Global factors that were weighing on rupee have eased, the crude oil prices and U.S. Treasury yields are off their highs posted earlier this month and are currently sustaining at eased levels. On the local front, narrowing of the trade deficit has also aiding sentiments.

Global Currency

  • The dollar was mired near a three-week low on Tuesday thanks to tepid U.S. data overnight, though broadly firmer U.S. Treasury yields prevented a sell-off. The data, showing U.S. retail sales barely rose in September, was a rare blemish in a run of economic indicators which this month pushed 10-year U.S. Treasury yields to their highest levels for more than seven years above 3.22 percent. industrial output data is due later today.
  • The euro remained broadly on the back foot, holding around $1.1573 against the dollar after the Italian cabinet's sign-off on an expansionary 2019 budget that sets up a showdown with the European Union over compliance with its rules.

Global Markets

  • Oil prices fell on Tuesday on evidence of higher U.S. oil production and increasing U.S. crude inventories, but reports of a fall in Iranian oil exports helped to limit losses. Brent crude was down 70 cents a barrel at 80.08. U.S. light crude was 65 cents lower at 71.13.
  • Gold prices held steady on Tuesday near last session's 2-1/2-month high as risk-averse investors sought refuge in the metal amid rising political tensions and economic uncertainty. U.S. gold futures GCcv1 were flat at $1,230.40 anounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 73.46 -0.39
EUR/USD 1.15899 1.1590 -0.37
GBP/USD 1.32268 1.3230 0.13
USD/JPY 112.067 0.66 -0.65
SEK/INR 8.8495 8.1779 0.0046
DKK/INR 6.3421 11.41 -0.0416
AUD/USD 1.4013 52.41 -0.18
DXY 94.968 -0.1
Index Today % Change
NIFTY 10584.75 0.69
SENSEX 35162.48 0.85
NIKKEI 22549.24 1.25
HANG SENG 25462.26 0.07
SHANGHAI 2546.3345 -0.85
CAC# 5121.65 0.52
FTSE # 7264.61 0.0042
DAX # 11685.66 0.62
Commodities Today % Change
GOLD # 1229.23 0.22
SILVER# 14.656 0
BRENT # 80.25 -0.66
NYMEX # 71.28 -0.7
Today Today
OPEN 73.8050
HIGH 73.9550
LOW 73.4600
CLOSE 73.4600

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
16-10-2018 14.00 GBP Average Earnings Index +Bonus (Aug) 2.7% 2.6% 2.6%
16-10-2018 14.00 GBP Claimant Count Change (Sep) 18.5K 4.5K 8.7K
16-10-2018 14.00 EUR German ZEW Economic Sentiment (Oct) -24.7 -12.3 -10.6

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