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India Rupee Snaps 6-Day Gains On Importers, Corporates' Bids

19 March 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.9675 against 68.5250 at the previous close. The local unit moved in 68.3450 -69.0250 per dollar band intra-day.
  • The Indian rupee slumped from a seven-and-a-half-month high in early trade to fall for the first time in seven sessions against the dollar, as importers and corporates stepped up greenback buys. Outcome of the Federal Reserve’s two-day monetary policy meeting tomorrow also weighed on investor sentiment. On a technical basis, the dollar/rupee pair witnessed a strong support on the 68.30 levels. There was good demand from oil importers as well as corporates..

Global Currency

  • The dollar itself is still drifting lower ahead of the Federal Reserve’s Federal Open Market Committee meeting, which begins later Tuesday and concludes Wednesday. A spate of weak economic data has driven 10-year Treasury yields to within 4 basis points of their lows for 2019
  • British pound is opening Tuesday on a firmer footing after losing nearly 1% against the dollar and euro on the latest outbreak of Brexit-related volatility. Sterling had slid after Prime Minister Theresa May’s plan to force another vote on her EU Withdrawal Agreement was struck down for procedural reasons by the Speaker of the House of Commons John Bercow.

Global Markets

  • Gold prices rose for a third consecutive session on Tuesday as the dollar weakened on expectations that the U.S. Federal Reserve will maintain a dovish tone at its monetary policy meeting this week.
  • Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.9775 68.9775 0.47
EUR/USD 1.13557 78.31 0.59
GBP/USD 11.32875 91.57 0.71
USD/JPY 111.256 0.62 0.6
SEK/INR 9.2108 7.4888 0.0511
DKK/INR 6.145 11.2250 0.49
AUD/USD 1.4082 48.95 0.72
DXY 96.339 -0.19
Index Today % Change
NIFTY 11532.4 0.61
SENSEX 38363.47 0.7
NIKKEI 21566.85 -0.08
HANG SENG 29466.28 0.19
SHANGHAI 3090.975 -0.18
CAC# 5439.32 0.49
FTSE # 7264.61 0.0042
DAX # 11771.2 0.98
Commodities Today % Change
GOLD # 1308.9316 0.42
SILVER# 15.251 0
BRENT # 68.09 00.81
NYMEX # 59.46 Key
Today Today
OPEN 68.5500
HIGH 69.0250
LOW 68.3450
CLOSE 68.9650

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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