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India Rupee Snaps 4-Day Fall On Banks’ Dollar Sales

17 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.0450 against 71.24 at the previous close. The local unit moved in 70.9825-71.40 per dollar band intra-day.
  • The Indian rupee rebounded from early losses to rise for the first time in five sessions against the dollar, as state-run and private banks sold the greenback likely on behalf of exporters. There was a strong resistance around 71.35-71.40 levels, from where the reversal happened as all the negatives have already gotten discounted in the unit, The fiscal noise and oil-related worry is there for some time now and until there is no concrete development on the fiscal front, we don’t see rupee depreciating beyond 71.40. Developments on U.S.-China trade talks will impact move in coming days

Global Currency

  • The U.S. dollar pushed higher against a basket of its key rivals on Thursday, building on its recent strong gains, while the pound slipped amid softer risk sentiment. Market sentiment remained subdued amid concerns the U.S. government shutdown is beginning to take a toll on the economy, while investors awaited more cues from the Federal Reserve after a growing number of its officials expressed caution about further rate hikes.
  • The pound was weaker against the dollar, with GBP/USD down 0.18% to 1.2857 as uncertainty over Brexit rumbled on. Sterling was a touch lower against the euro, with EUR/GBP inching up 0.14% to 0.8856.

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.
  • The U.K.'s political and economic problems and a no-confidence vote on Prime Minister Theresa May after her failed Brexit deal vote are keeping alive gold bugs hope of recapturing highs of above 1,300 per

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.055 71.055 0.03
EUR/USD 1.1403 80.97 0.1
GBP/USD 1.28931 91.50 0.07
USD/JPY 108.794 0.65 0.34
SEK/INR 9.0258 7.8724 -0.0153
DKK/INR 6.330 11.2250 0.49
AUD/USD 1.3939 50.94 -0.21
DXY 96.042 -0.02
Index Today % Change
NIFTY 10905.2 0.14
SENSEX 36374.08 0.15
NIKKEI 20402.27 -0.2
HANG SENG 26755.63 -0.54
SHANGHAI 2559.637 -0.42
CAC# 4792.72 -0.38
FTSE # 7264.61 0.0042
DAX # 10897.89 -0.31
Commodities Today % Change
GOLD # 1294 0.04
SILVER# 15.564 0
BRENT # 60.66 -1.08
NYMEX # 51.64 -1.28
Today Today
OPEN 71.1500
HIGH 71.4000
LOW 70.9800
CLOSE 71.0450

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
17-Jan-19 15:30 EUR CPI (YoY) (Dec) 1.6% 1.6% 1.9%

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