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USD/INR ends up on oil bids, strong dlr

17 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.81 against 68.71 at the previous close. The local unit moved in 68.68-68.89 per dollar band intra-day.
  • Dollar/rupee ended up Monday on buying by nationalised banks likely on behalf of oil importers amid a strengthening greenback after an upbeat US retail sales data. Also, swollen risk sentiment after US President Donald Trump's comment on US-China trade agreement further supported demand for dollar. Natioanlised banks including State Bank of India, Bank of Baroda, and Canara Bank bought dollars. PSBs bought mostly for oil importers. Dollar also strengthened from previous session after strong US retail sales data.

Global Currency

  • The British pound fell to its lowest in more than two years in early trading in Europe Wednesday as fears over a “Hard Brexit” and a possible general election exacted a higher risk premium for all sterling assets. The pound fell nearly 1% on Tuesday against the dollar and continued its decline on Wednesday. By 3:45 AM ET (0745 GMT), it was at $1.2393, having fallen below $1.24 for the first time since April 2017. Sterling was also lower against the euro, tumbling as far at 1.1047, its lowest since September 2017,
  • The euro was also under some pressure after a far-from-convincing confirmation of Ursula von der Leyen as the European Commission’s new president. Von der Leyen’s nomination passed by a majority of less than 10 in the EU parliament

Global Markets

  • Gold prices edged lower on Wednesday, as the dollar firmed on robust U.S. retail sales data, while hopes of an interest rate cut by the Federal Reserve and broad uncertainties over trade between Washington and Beijing kept a lid on declines.
  • Oil prices on Wednesday regained little ground lost in the previous session, weighed down by industry data suggesting U.S. crude inventories fell less than expected.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.72 68.82 0.29
EUR/USD 1.12164 77.25 0.33
GBP/USD 1.24108 85.43 0.33
USD/JPY 108.271 0.64 0.25
SEK/INR 9.3718 7.3433 0.0328
DKK/INR 6.131 11.2250 0.49
AUD/USD 1.4269 48.24 0.45
DXY 97.32 -0.07
Index Today % Change
NIFTY 11687 0.21
SENSEX 39215 0.21
NIKKEI 21469 -0.31
HANG SENG 228602 0
SHANGHAI 2915.30 -0.44
CAC# 5610 -0.10
FTSE # 7553 -0.02
DAX # 11416 0.11
Commodities Today % Change
GOLD # 1403 -0.11
SILVER# 15.63 0.50
BRENT # 65.02 1.04
NYMEX # 58 0.66
Today Today
OPEN 68.7100
HIGH 68.8900
LOW 68.6800
CLOSE 68.8100

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
17/07/2019 14.30 EUR CPI (YoY) (Jun) 1.3% 1.2% 1.2%

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