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USD/INR below Rs 70/$1 as exporters sell after Brent eases towards $55/bbl

20 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 69.70 against 70.40 at the previous close. The local unit moved in 69.6650-70.68 per dollar band intra‐day.
  • Rupee fell below Rs 70 a dollar during afternoon trade Thursday as exporters sold their dollar holding as Brent crude oil prices eased further towards $55 a barrel. Oil prices are falling and this is prompting corporate and exporters to cover their dollar holdings. Unwinding positions in the market due to year‐end is also impacting the dollar/rupee in the offshore market. Market participants expected Fed to soon pause its rate hike cycle after the Fed December policy.

Global Currency

  • The dollar fell to a one‐month low on Thursday on growing concerns that U.S. policymakers may be raising interest rates just as the world's biggest economy faces a slowdown. While the Federal Reserve raised interest rates for the fourth time in a year and officials signalled they may hike three more times by early 2020, bond markets marked increased expectations the U.S. economy may be running out of steam.
  • The euro rose 0.8 percent to 1.1471 building on gains on Wednesday on news that Italy had struck a deal with the European Commission over its contested 2019 budget and some solid trade data this week.

Global Markets

  • Oil prices fell more than 4 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets. U.S. light crude oil CLc1 fell 2.35 a barrel, or 4.9 percent, to a low of $45.82, before recovering a little to around $46.50.
  • Gold prices edged higher on Thursday supported by a softer dollar and weakness in the equities market, after the U.S. Federal Reserve delivered a less‐dovish outlook on monetary tightening than many had expected.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.71 69.71 -1.39
EUR/USD 1.1466 79.97 -0.61
GBP/USD 1.26991 88.49 -0.75
USD/JPY 111.669 0.62 -0.75
SEK/INR 8.9418 7.7960
DKK/INR 6.210 11.2250
AUD/USD 1.3986 49.82
DXY 96.302 -0.76
Index Today % Change
NIFTY 10951.7 0.14
SENSEX 36431.67 -0.14
NIKKEI 20392.58 -2.84
HANG SENG 25623.53 -0.94
SHANGHAI 2536.2675 0.52
CAC# 4710.76 -1.4
FTSE # 7264.61 0.0042
DAX # 10667.89 -0.91
Commodities Today % Change
GOLD # 1255.51 1.01
SILVER# 14.72 0.12
BRENT # 55.43 -3.16
NYMEX # 46.66 -3.13
Today Today
OPEN 70.6800
HIGH 70.6800
LOW 69.6650
CLOSE 69.7000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
20-12-2018 15.00 GBP Retail Sales (MoM) (Nov) 1.4% 0.3% -0.4%

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