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Indian Rupee Logs Best Day In Over 5 Years As Oil, Dollar Slumps

18 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 70.44 against 71.5450 at the previous close. The local unit moved in 70.42‐71.35 per dollar band intra-day.
  • The Indian rupee marked its biggest single‐session gain in more than five years against the dollar, as crude oil prices slumped to a 14‐ month low, while the dollar slipped ahead of the Federal Reserve’s policy meet that starts today. The local unit rose 1.5% today, its biggest one‐day jump since Sep. 19, 2013. The Indian rupee rose above its physiologically important level of 71, tracking a sharp decline in crude oil prices.

Global Currency

  • The U.S. dollar slid lower against a currency basket on Tuesday ahead of this week's Federal Reserve meeting while the yen remained supported amid concerns over the outlook for global growth. With the Fed widely expected to deliver its fourth rate hike this year at the conclusion of its two-day policy meeting on Wednesday moves in the dollar will be guided by its forward guidance.
  • The euro rose on Tuesday as the dollar weakened, with investors betting that growth concerns will prompt the Federal Reserve to slow its pace of interest rate hikes at this week's meeting. That is helping the euro, which on Tuesday was up 0.2 percent at $1.1373

Global Markets

  • Oil prices fell 4 percent on Tuesday, dropping for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell‐off in global stock markets.
  • Gold rose to a one‐week high on Tuesday, helped by a weaker U.S. dollar and a fall in global stocks, but moves were limited as investors sought clarity on the path of U.S. interest rates. U.S. gold futures GCcv1 were up 0.1 percent at $1,253.30 per ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.45 70.45 -1.6
EUR/USD 1.1393 80.29 -1.21
GBP/USD 1.26909 89.42 -0.97
USD/JPY 112.268 0.63 -1.16
SEK/INR 9.0378 7.7950
DKK/INR 6.276 11.2025 0.49
AUD/USD 1.3897
DXY 96.716 -0.4
Index Today % Change
NIFTY 10908.7 0.19
SENSEX 36347.08 0.21
NIKKEI 21115.45 -1.82
HANG SENG 25814.25 -1.05
SHANGHAI 2576.6495 -0.82
CAC# 4801.29 0.03
FTSE # 7264.61 0.0042
DAX # 10819.02 0.43
Commodities Today % Change
GOLD # 1249.55 0.3
SILVER# 14.639 0
BRENT # 58.23 -2.32
NYMEX # 48.53 -2.71
Today Today
OPEN 71.3300
HIGH 71.3500
LOW 70.4200
CLOSE 70.4400

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
17-12-2018 15.30 EUR German Ifo Business Climate Index 101.0 101.8 102.0

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