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India Rupee Higher Ahead Of Fed Minutes; Bunched-Up Flows Eyed

20 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.29 pair now at 71.22 against 71.34 previous close.
  • Pair to tip in 71.20-71.50 range today.
  • The Indian rupee rose against the U.S. currency in early trade, in line with other Asian currencies, amid focus on January Federal Reserve minutes. Dollar is struggling quite a bit against Asian currencies today. This is a combination of optimism on US and China trade talks and traders exiting the dollar ahead of the Fed minutes. This in conjunction with bunched up dollar inflows should help strengthen to near 71.00 levels later in the day.

Global Currency

  • The dollar was capped against its peers on Wednesday on falling U.S. yields and before the Federal Reserve's policy meeting minutes, though it managed to gain on the yen as stronger investor risk appetite curbed demand for the Japanese currency. The dollar index rose to a two-month high last week but demand for the liquid greenback has recently ebbed on optimism that a fresh round of talks between China and the United States would help resolve their trade conflict.
  • The pound stretched its overnight rally and rose to a two-week high of $1.3077 GBP. Sterling had surged more than 1 percent on Tuesday on hopes that British Prime Minister Theresa May will make progress in seeking changes to her Brexit deal with the European Union.

Global Markets

  • Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington's sanctions on Iran and Venezuela.
  • Gold prices held at 10-month highs on Wednesday, supported by global slowdown concerns and a weaker dollar, with markets eyeing the release of the US Federal Reserve's policy meeting minutes later in the session.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.157 71.16 -0.2
EUR/USD 1.13378 80.68 -0.22
GBP/USD 1.30549 92.90 -0.21
USD/JPY 110.841 0.64 -0.45
SEK/INR 9.3108 7.6424 -0.0127
DKK/INR 6.3519 11.2025 0.0325
AUD/USD 1.3962 -0.12
1M 2.48475 -0.413  
3M 2.64363 -0.347  
6M 2.75538 -0.0.28814  
1Y 2.90713 -0.16629  
Index Today % Change
NIFTY 10675.75 0.67
SENSEX 35581.88 0.65
BANK NIFTY 26831.6 0.55
SGX NIFTY 9347.5 0.33
NIKKEI 21431.49 0.60
HANG SENG 28496.96 0.95
SHANGHAI 2753.1505 -0.09
ASX200 6096.5 -0.17
DOW JONES 25891.32 0.03
S&P500 # 2779.76 0.15
NASDAQ # 7066.612 0
Key Events of the Day
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