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India Rupee Gains On Exporters’ Dollar Sales; Fed Outcome Eyed

20 March 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.82 against 68.9675 at the previous close. The local unit moved in 68.71 -69.17 per dollar band intra-day.
  • The Indian rupee reversed early losses to settle higher against the dollar, helped by exporters’ dollar sales and expectation of foreign fund inflows into local assets. However, likely intervention by the central bank and caution ahead of outcome of the Federal Reserve’s two-day meeting later today limited further gains in local unit, The spot dollar/rupee pair made a decent recovery from its low of 68.35. Now, the focus remains on the Fed’s policy outcome. We believe most of the positives have been already price in the rupee.

Global Currency

  • The dollar rose on Wednesday, attracting safe-haven bids after reports of further tension in U.S.-China trade negotiations, but its gains were slight, with caution expected from the Federal Reserve at its policy meeting later in the day. Volatility in foreign exchange markets has plummeted due to a dovish shift by major central banks including the U.S. Federal Reserve.
  • The pound has retreated a little after reports suggesting the EU will take a hard line with any request from Prime Minister Theresa May to push back the March 29 deadline for Brexit. EU leaders are due to start a summit in Brussels later today, and May is expected to present her request on Thursday morning.

Global Markets

  • Gold prices snapped three consecutive sessions of gains on Wednesday as the dollar firmed, while investors awaited the results of the U.S. Federal Reserve's policy meeting later in the day.
  • Oil prices fell on Wednesday, dragged down by concerns about global economic growth as the U.S.-China trade dispute rumbled on, but receiving some support from tightened supply. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $58.51 per barrel.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.83 68.83 -0.29
EUR/USD 1.13627 78.16 -0.27
GBP/USD 1.32253 90.94 -0.67
USD/JPY 111.47 0.62 -0.46
SEK/INR 9.1843 7.4943 -0.0004
DKK/INR 6.132 11.2250 0.49
AUD/USD 1.4087 48.82 -0.4
DXY 96.436 0.05
Index Today % Change
NIFTY 11521.05 -0.1
SENSEX 38386.75 0.06
NIKKEI 21608.92 0.2
HANG SENG 29320.97 -0.49
SHANGHAI 3090.6403 -0.01
CAC# 5419.42 -0.12
FTSE # 7264.61 0.0042
DAX # 11643.12 -1.23
Commodities Today % Change
GOLD # 1305.61 -0.05
SILVER# 15.29 -0.07
BRENT # 67.42 -0.28
NYMEX # 58.5 -0.9
Today Today
OPEN 69.0500
HIGH 69.1700
LOW 68.7100
CLOSE 68.8200

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
20-03-2018 15.00 GBP CPI (YoY) (Feb) 1.9% 1.8% 1.8%

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