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India Rupee Slips For 4th Day As Oil, Local Shares Weigh

18 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.34 against 71.22 at the previous close. The local unit moved in 71.31-71.52 per dollar band intra-day.
  • The Indian rupee fell against the dollar for a fourth session today, as higher oil prices that risked further widening of the current account deficit and weak local equities weighed on sentiment. Crude oil is the primary reason for weakness in the rupee and local shares, because higher oil impacts trade deficit and feeds into local inflation that is practically putting pressure on the currency despite global optimism over trade talks. Domestic tensions are also making investors nervous. A weakness in the rupee beyond 71.80 in coming days can lead to further depreciation towards 72.50.

Global Currency

  • Foreign exchange markets got off to a slow start Monday, with trading set to remain subdued due to a sparse data calendar in Europe and public holidays in North America. The dollar has retreated slightly over the weekend amid hopes that the U.S. and China will find a way to de-escalate their trade war. Such hopes were the main driver of a rally in Asian stock markets overnight
  • The euro was back above $1.13, up nearly half a cent from the low it hit on Friday when European Central Bank board member Benoit Coeure said the euro-zone economy’s slowdown had been deeper and broader than the ECB first thought.

Global Markets

  • Gold prices rose to their strongest level in more than two weeks on Monday as the dollar weakened on hopes the United States and China are nearing a trade deal, while palladium hit a record high.
  • The Brent crude oil contract rose to a near three-month high earlier today, gaining for fifth consecutive session, helped by supply cuts and due to optimism that the global trade dispute will end soon. India imports 80% of its crude oil requirements and a surge in oil risks widening of the country’s current account deficit.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.35 71.35 0.04
EUR/USD 1.13326 80.88 0.37
GBP/USD 1.29329 92.26 0.35
USD/JPY 110.531 0.65 0.05
SEK/INR 9.2458 7.7170 0.0296
DKK/INR 6.356 11.2250 0.49
AUD/USD 1.3972 0.09
DXY 96.668 -0.24
Index Today % Change
NIFTY 10640.95 -0.78
SENSEX 35498.44 -0.87
NIKKEI 21281.85 1.82
HANG SENG 28347.01 1.6
SHANGHAI 2754.3566 2.68
CAC# 5157.03 0.08
FTSE # 7264.61 0.0042
DAX # 11271.06 -0.25
Commodities Today % Change
GOLD # 1325.01 0.3
SILVER# 15.723 0
BRENT # 66.08 -0.26
NYMEX # 55.84 0.45
Today Today
OPEN 71.3100
HIGH 71.5200
LOW 71.3100
CLOSE 71.3400

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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