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Indian Rupee Higher As Crude Declines, Trade Gap Narrows

17 December 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.79 pair now at 71.77 against 71.90 previous close.
  • Pair to tip in 71.60- 72.00 range today.
  • The Indian rupee rose against the dollar in early trade, supported by lower global crude oil prices and narrowing trade deficit at home. Decline in crude oil prices in the previous session continues to support the rupee as lower prices will ease pressure from the nation’s current account deficit. Volumes are expected to be muted ahead of Fed meeting this week, while month-end demand from importers will be watched for further cues.

Global Currency

  • The dollar held near a 19‐month high on Monday, bolstered by safehaven buying as heightened concerns of a global economic slowdown reduced appetites for riskier assets such as stocks and Asian currencies. Weaker‐than‐expected economic data from China and Europe and fears of a possible U.S. government shutdown spooked investors away from stocks toward the dollar and yen.
  • The euro EUR= was also little changed at $1.1310, having lost 0.6 percent last week after weaker-than-expected data out of France and Germany suggested that economic activity in Europe remains weak.

Global Markets

  • Oil prices were largely steady on Monday after falling 2 percent in the previous session, but remained under pressure amid weaker growth in major economies and concerns about oversupply. U.S. West Texas Intermediate (WTI) crude futures were at $51.33 per barrel.
  • Gold has recovered from 10‐day lows seen on Friday but may lack clear direction on caution ahead of the FOMC rate decision, due Wednesday. The yellow metal will likely take a beating if the Fed sounds more hawkish‐than‐expected, squashing bets of a Fed rate hike pause in 2019.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.79 71.76 -0.22
EUR/USD 1.13072 81.13 -0.25
GBP/USD 1.25781 90.25 -0.25
USD/JPY 113.506 0.63 -0.33
SEK/INR 9.0599 7.9195 -0.0177
DKK/INR 6.4048 11.2025 0.0325
AUD/USD 1.394 -0.26
1M 2.455 -0.40971  
3M 2.80069 -0.35571  
6M 2.90056 -0.32486  
1Y 3.09769 -0.21229  
Index Today % Change
NIFTY 10875.05 0.64
SENSEX 36262.12 0.83
BANK NIFTY 27027.55 0.75
SGX NIFTY 10866.90 0.57
NIKKEI 21374.83 -2.02
HANG SENG 26090.88 -0.01
SHANGHAI 2591.5911 -0.08
ASX200 5658.3 -1
DOW JONES 24100.51 -2.02
S&P500 # 2599.95 -1.91
NASDAQ # 6594.963 -2.56
Key Events of the Day
Date Time Currency Event Forecast Previous
17-12-2018 15.30 EUR CPI (YoY) (Nov) 2.0% 2.0%

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