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USD/INR opens up on worsening risk-appetite, likely FII outflows from local stocks

2 August 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.25 pair now at 69.28 against 69.05 previous close.
  • Pair to tip in 69.10-69.35 range today.
  • Dollar/rupee opened up Friday tracking worsening risk-appetite supporting safe haven dollar demand after US President Donald Trump threatened to put 10% tariff on the remaining $300 billion worth of Chinese goods, effective from September 1. Likely overseas outflows from local stocks after thye announcement further supported dollar demand. FII outflows from local equities and poor risk-appetite after Trump's announcement led gains in dollar/rupee. The new set of tariff comes in addition to the existing 25% tariffs on $250 billion of imports.

Global Currency

  • Britain plans to create up to 10 freeports to boost trade and manufacturing by cutting cost and bureaucracy after it leaves the European Union, the government said on Thursday. Prime Minister Boris Johnson, who took office last month with a pledge to deliver Brexit by the end of October "no ifs or buts", promoted the idea of freeports during his campaign.
  • Trump's announcement, which came a day after U.S. and Chinese negotiators concluded a meeting in Shanghai without significant signs of progress, marks an end to a truce in the trade war struck in June and could further disrupt global supply chains.

Global Markets

  • Oil prices rose more than $1 on Friday, rebounding from their biggest falls in years after U.S. President Donald Trump imposed more tariffs on Chinese imports, intensifying the trade war between the world's two biggest economies and crude consumers.
  • Gold prices fell on Friday, consolidating from a more than 2% surge in the previous session after U.S. President Donald Trump broke a trade truce with China, but the metal was headed for a third weekly.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.3025 69.315 0.36
EUR/USD 1.10745 76.75 0.2
GBP/USD 1.21019 83.86 0.04
USD/JPY 107.041 0.65 0.72
SEK/INR 9.6644 7.1709 0.0243
DKK/INR 6.1863 11.2025 0.0325
AUD/USD 1.4685 47.18 0.34
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 10870.70 -1.01
SENSEX 36672.70 -0.93
BANK NIFTY 28010.45 -1.24
SGX NIFTY 10919.00 -0.89
NIKKEI 20981.06 -2.60
HANG SENG 26874.00 -2.46
SHANGHAI 2859.81 -1.68
ASX200 6764.60 -0.36
DOW JONES 11997.55 -0.59
S&P500 # 2944.44 -0.04
NASDAQ # 7776.90 +0.01
Key Events of the Day
Date Time Currency Event Forecast Previous
2-Aug-2019 14.00 GBP Construction PMI (Jul) 43.1 43.1
2-Aug-2019 18.00 USD Nonfarm Payrolls (Jul) 164K 224K
2-Aug-2019 18.00 USD Unemployment Rate (Jul) 3.7% 3.7%

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