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India Rupee At Two-Week High On Likely Dollar Inflows

2 April 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.7450 against 69.15 at the previous close. The local unit moved in 68.70-69.37 per dollar band intra-day.
  • The Indian rupee rose to a two-week high on the first day of this fiscal year, logging a second straight day of gains against the dollar, helped by banks’ greenback sales amid likely inflows into local assets. Indian money markets were shut yesterday. Most Asian currencies ended lower against the dollar. There has been both foreign investors’ flow in the local bond market and some bunchedup inflows after the holiday. However move in the dollar index and crude oil prices are putting some depreciative pressure on local unit.

Global Currency

  • The dollar was close to its highest level in nearly three weeks in early trading in Europe Tuesday, as the rising likelihood of a disruptive and disorderly Brexit hit confidence in both the euro and sterling.
  • The euro fell to a three-and-a-half week low and stood precariously near its weakest since June 2017 on Tuesday, as investors seized on relatively strong data out of the United States to buy the dollar. The euro weakened 0.2 percent to $1.1190, slightly above the $1.1176 EUR=EBS level reached last month - the weakest since June 2017. The market is bearish and short, the poor data are not unexpected, but even so, a break through $1.1150 would surely trigger shortterm stops

Global Markets

  • Gold prices steadied near their lowest in about four-weeks on Tuesday as robust economic data from the United States and China tempered concerns of a global slowdown, boosting the dollar.
  • Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.755 68.755 -0.65
EUR/USD 1.11984 77.00 -0.8
GBP/USD 1.30171 89.47 -1.29
USD/JPY 111.374 0.62 -0.68
SEK/INR 9.3212 7.3762 -0.0787
DKK/INR 6.125 11.2250 0.49
AUD/USD 1.4118 48.68 -0.75
DXY 97.391 0.16
Index Today % Change
NIFTY 11713.2 0.38
SENSEX 39056.65 0.48
NIKKEI 21505.31 -0.02
HANG SENG 29624.67 0.21
SHANGHAI 3176.8227 0.2
CAC# 5429.1 0.44
FTSE # 7264.61 0.0042
DAX # 11746.9 0.56
Commodities Today % Change
GOLD # 1288.8187 0.11
SILVER# 14.965 -0.57
BRENT # 68.99 -0.03
NYMEX # 61.92 0.54
Today Today
OPEN 69.2700
HIGH 69.3700
LOW 68.7000
CLOSE 68.7450

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
02-04-2019 14.00 GBP Construction PMI (Mar) 49.7 49.8 49.5

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