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India Rupee Falls Tracking Asian Cues On Weak Chinese Data

2 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.52 pair now at 69.67 against 69.4475 previous close.
  • Pair to tip in 69.45- 69.85 range today.
  • The Indian rupee fell against the dollar in early trade, tracking losses in most Asian currencies and shares following weaker‐than‐expected China factory activity data in a holiday-thinned trade. Weak Asian cues added pressure on the rupee. However, dollar inflows are expected in the new year, limiting further downside in the local unit. The rupee faces a strong resistance at around 68.85 levels against the dollar, break of which on a weekly basis will extend the local unit’s appreciation towards 66 levels. However, break of 68.85 looks unlikely given the fiscal and political uncertainty

Global Currency

  • Safe-haven currencies such as the yen rose against the dollar on Wednesday, as a cautious mood prevailed on the first trading day of the year on concerns over global growth, the U.S. government shutdown and a slower pace of Federal Reserve rate hikes. The yen gained 0.3% against the dollar to 109.39 in Asian trade. Trading volumes remained light as global markets reopened after the New Year's Day holiday. Japanese markets remain closed on Wednesday.
  • The euro slipped 0.16% to $1.1446. Trader expect the single currency to remain under pressure as both growth and inflation in the eurozone remain below the European Central Bank's expectations. The euro lost 4.4 percent of its value versus the dollar in 2018.

Global Markets

  • Oil markets dropped by around 1 percent in 2019's first trading on Wednesday, pulled down by surging U.S. output and concerns about an economic slowdown in 2019 as factory activity in China, the world's biggest oil importer, contracted.
  • Gold prices edged lower on Wednesday as Asian equities won support on the first day of the new year from gains in U.S. stock futures, pointing to an improvement in risk appetite.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.6675 69.68 0.32
EUR/USD 1.1447 79.76 0.15
GBP/USD 1.2732 88.71 0.28
USD/JPY 109.408 0.64 0.55
SEK/INR 8.8887 7.8378 0.006
DKK/INR 6.2189 11.2025 0.0325
AUD/USD 1.4244 48.90 0.16
1M 2.50269 -0.409  
3M 2.80763 -0.35571  
6M 2.87563 -0.30329  
1Y 3.00544 -0.18271  
Index Today % Change
NIFTY 10883.9 -0.24
SENSEX 36201.13 -0.15
BANK NIFTY 27357.4 -0.13
SGX NIFTY 9347.5 0.33
NIKKEI 20014.77 -0.31
HANG SENG 25248.65 -2.31
SHANGHAI 2467.8995 -1.04
ASX200 5557.8 -1.57
DOW JONES 23327.46 1.15
S&P500 # 2506.85 0.85
NASDAQ # 6329.965 0
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