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USD/INR ends at over 1-mo high on weakening risk-appetite, likely FII outflows from local stocks

2 August 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.5875 against 69.05 at the previous close. The local unit moved in 69.21-69.66 per dollar band intra-day.
  • Dollar/rupee ended at over one-month high Friday on dampening risk-sentiments and likely overseas outflows from local stocks after US President Donald Trump threatened to put 10% tariff on the remaining $300 billion worth of Chinese goods, effective from Sep 1. Foreign banks were on the buy-side today mostly on behalf of overseas investors who pulled out of local equities. Sentiments weakened after Trump's threat to impose additional tariffs on China.

Global Currency

  • U.S. threat to impose new tariffs on Chinese imports pushed the safe-haven Japanese yen to a five-week high against the dollar and a two-and-a-half-year high against the pound. U.S. President Donald Trump said a 10% tariff would be imposed on $300 billion worth of Chinese goods on Sept. 1, after U.S. negotiators returned from trade talks in Shanghai and reported no progress. Trump claimed China had failed to live up to promises made in previous talks yen was up 0.4% to 106.95 against the dollar.
  • The impact on the euro and British pound was less severe, although reports that Trump may make an announcement on trade with the EU later Friday added to the general sense of unease.

Global Markets

  • Oil prices rose around 2% on Friday, regaining ground after their biggest falls in years on U.S. President Donald Trump's vow to impose more tariffs on Chinese imports.
  • Gold prices fell nearly 1% on Friday, as investors booked profit after U.S. President Donald Trump's fresh salvo in the year-long trade spat with China increased demand for the safe-haven metal in the previous session.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.595 69.595 0.82
EUR/USD 1.1101 77.32 0.94
GBP/USD 1.21223 84.38 0.66
USD/JPY 106.844 0.65 1.4
SEK/INR 9.6456 7.2152 0.0686
DKK/INR 6.200 11.2250 0.49
AUD/USD 1.4724 47.29 0.77
DXY 98.01 -0.13
Index Today % Change
NIFTY 10997 0.16
SENSEX 37118 0.27
NIKKEI 21658 0.45
HANG SENG 28602 0
SHANGHAI 2980 -0.44
CAC# 5547 0.52
FTSE # 7446 -1.82
DAX # 11937 -2.58
Commodities Today % Change
GOLD # 1448 1.12
SILVER# 16.18 0.02
BRENT # 62.17 2.76
NYMEX # 55.30 2.50
Today Today
OPEN 69.2500
HIGH 69.6600
LOW 69.2100
CLOSE 69.5850

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
2/08/2019 14.00 GBP Construction PMI (Jul) 45.3 46.0 43.1

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