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Indian Rupee Slumps As Government Measures Seen Insufficient

17 September 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 72.50 pair now at 72.63 against 71.8450 previous close.
  • Pair to tip in 72.30- 71.80 range today.
  • The Indian rupee was down to near record low against the dollar in early trade, as steps announced by the government to attract inflows and support the local unit fell short of market expectations. Broad strength in the dollar amid reports of U.S. likely imposing more tariffs on Chinese goods also weighed on the rupee.

Global Currency

  • The dollar held above a recent 1-1/2 month trough against a basket of major currencies on Monday, with investors cautiously awaiting news on the implementation of U.S. tariffs on an additional $200 billion of Chinese imports. Further escalation looks very likely in which the rate will likely be raised to 25 percent and more US tariffs threatened, while China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions.
  • The euro EUR= and sterling each rallied last week on encouraging developments on terms for Britain's exit from the European Union, paring some safe-haven demand for the dollar. The euro was last at 1.1624, down from a three-week top of 1.1721. The pound also retreated, dropping from last week's peak of 1.3145 to 1.3071.

Global Markets

  • Global oil prices eased in early Asian trading on Monday on concerns that the United States is poised to impose additional tariffs on China, outweighing supply fears from upcoming sanctions on Iran. Brent crude oil futures LCOc1 dipped 16 cents, or 0.2 percent to $77.93 a barrel.
  • Gold inched up on Monday as bargain-hunters bought the metal after prices dipped in the previous session, amid reports that the United States is set to impose a new round of tariffs on Chinese imports. Gold was up 0.2 percent at $1,195.27 an ounce after falling 0.6% on Friday when it marked its third straight weekly decline.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 72.6425 72.6525 1.07
EUR/USD 1.16332 84.51 1.06
GBP/USD 1.3081 95.02 1.21
USD/JPY 111.988 0.65 1.16
SEK/INR 9.0393 8.0363 0.0888
DKK/INR 6.4080 11.34 0.1295
AUD/USD 1.3971 51.98 1.12
1M 2.16469 -0.395  
3M 2.33713 -0.35643  
6M 2.56875 -0.318  
1Y 2.88019 -0.222  
Index Today % Change
NIFTY 11413.4 -0.88
SENSEX 37732.55 -0.94
BANK NIFTY 26838.45 -1.2
SGX NIFTY 9347.5 0.33
NIKKEI 23094.67 1.20
HANG SENG 26856.58 -1.58
SHANGHAI 2653.1505 -1.06
ASX200 6185 0.32
DOW JONES 26154.67 0.03
S&P500 # 2904.98 0.03
NASDAQ # 7545.496 0
Key Events of the Day
Date Time Currency Event Forecast Previous
17-09-2018 14.30 EUR CPI (YoY) (Aug) 2.0% 2.0%

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