Offers & Promotions Download Brochure Get a Call Back Download App
Contact us

India Rupee Snaps 4-Day Fall On Inflows; Fed Minutes Eyed

20 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.11 against 71.34 at the previous close. The local unit moved in 71.07-71.34 per dollar band intra-day.
  • The Indian rupee rose for the first time in five sessions to close at a one-week high against the dollar, on bunched-up inflows after a holiday and broad dollar weakness ahead of the Federal Reserve’s latest meeting minutes later today. Bunched-up dollar inflows after a holiday supported gains in the rupee, while expectation of dovish minutes by the Fed weighed on the dollar, lifting emerging market currencies. Rupee is stuck in a range on lack of momentum to assume a trend at this point. Political uncertainty until elections, coupled with geo-political concerns, will keep the lid on the rupee.

Global Currency

  • The dollar was lower against the euro and the British pound in early trading in Europe Wednesday as a fall in U.S. Treasury yields reduced its attractiveness amid expectations of dovish news on interest rates from the Federal Reserve. The dollar is weighed with Treasury yields on a downturn. Attempts by participants to price in potentially dovish FOMC meeting minutes are also keeping the dollar on the defensive.
  • The pound was higher against both dollar and the euro after a report that Prime Minister Theresa May would drop efforts to push the socalled. an attempt to break the deadlock over the status of the Irish border after Brexit.

Global Markets

  • Gold prices were little changed on Wednesday in Asia as investors awaited the minutes of the Federal Reserve's January meeting later in the day. Gold futures traded at $1,345.55 per ounce.
  • Crude oil futures eased on Wednesday in light of the prospect of a continued boom in U.S. shale oil output, although with OPEC determined to restrict its own production to prevent a global surplus of unused fuel, the price held just shy of 2019 highs.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.12 71.12 -0.22
EUR/USD 1.13354 80.66 -0.25
GBP/USD 1.30229 92.60 -0.53
USD/JPY 110.836 0.64 -0.42
SEK/INR 9.3029 7.6449 -0.0102
DKK/INR 6.336 11.2250 0.49
AUD/USD 1.3983 0
DXY 96.591 0.07
Index Today % Change
NIFTY 10735.45 1.24
SENSEX 35756.26 1.14
NIKKEI 21431.49 0.6
HANG SENG 28514.05 1.01
SHANGHAI 2761.2189 0.2
CAC# 5172.08 0.22
FTSE # 7264.61 0.0042
DAX # 11342.67 0.3
Commodities Today % Change
GOLD # 1343.52 0.18
SILVER# 15.947 0
BRENT # 65.89 -0.84
NYMEX # 55.78 -0.55
Today Today
OPEN 71.2900
HIGH 71.3400
LOW 71.0700
CLOSE 71.1100

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

Share this post?