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USD/INR ends at 3-week high on oil related buying, likely FII outflows from local stocks, strong dlr

17 June 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.90 against 69.69 at the previous close. The local unit moved in 69.7475-69.9375 per dollar band intra-day.
  • Dollar/rupee ended at three-week high Monday on oil-related buying by nationalised banks, while overseas outflows from local stocks and a strong greenback further supported dollar demand. PSBs including Bank of India, Bank of Baroda bought dollars mostly on behalf of oil importers. Also, FII outflows from local equities support the demand for dollar. Dollar/rupee ended at Rs 69.90/$1 Monday, level last seen on May 23, compared to previous close of Rs 69.79/$1. Local stocks ended over one percent lower on Monday.

Global Currency

  • The U.S. dollar rose to a two-week high on Monday as strong economic data led investors to think again about how dovish the Federal Reserve is likely to sound at this week's meeting. Broader currency markets were quiet, as traders hesitated to put on large positions before the Fed's two-day meeting, a meeting of European Central Bank policymakers in Portugal and the Bank of England's interest rate decision on Thursday.
  • Expectations of a rate cut at the Fed's June 18-19 meeting have fallen to a probability of around 20%. But bets for monetary easing at its July meeting remain high, with money markets pricing in 24 basis points of cuts from current rates. The euro was little changed at $1.1213 EUR=EBS , as investors awaited.

Global Markets

  • Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears stoked by attacks on oil tankers in the Gulf of Oman last week. Brent futures LCOc1 fell 35 cents, or 0.56%, to $61.66 a barrel by 1030 GMT, having gained 1.1% on Friday.
  • Gold retreated further on Monday from a 14-month peak hit in the previous session as the dollar strengthened on strong U.S. retail sales data before the U.S. Federal Reserve meeting this week.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.90 0.18
EUR/USD 1.12325 78.56 0.36
GBP/USD 1.25894 88.01 0.14
USD/JPY 108.681 0.64 0.06
SEK/INR 9.4793 7.3750 0.0139
DKK/INR 6.228 11.2250 0.49
AUD/USD 1.4558 48.04 0.19
DXY 97.45 -0.06
Index Today % Change
NIFTY 11672 -1.28
SENSEX 39452 -0.73
NIKKEI 21124 0.03
HANG SENG 27238 0.38
SHANGHAI 2881 -0.99
CAC# 5378 0.21
FTSE # 7337 -0.39
DAX # 12092 -0.03
Commodities Today % Change
GOLD # 1335 -0.42
SILVER# 14.82 -0.07
BRENT # 61.37 -1.03
NYMEX # 51.99 -0.99
Today Today
OPEN 69.8000
HIGH 69.9375
LOW 69.7475
CLOSE 69.9000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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