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

USD opens at 2-wk low on inflow hopes post exit poll results

20 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.49 pair now at 69.59 against 70.22 previous close.
  • Pair to tip in 69.40-69.80 range today.
  • Dollar/rupee opened at almost two weeks low on Monday on likely FII inflows into the local stocks after exit polls signalled the return of the ruling coalition. Rupee opened high as the exit poll results have come in better than expected which attracts overseas inflows into the local stocks. Exit polls predicted a majority for the Bharatiya Janata Party and its allies after the nation's six-week long general election ended Sunday. However, higher crude and firmness in the dollar will likely arrest further gains in the rupee.

Global Currency

  • NSEI surged 2.22% at the open after exit polls predicted PM Narendra Modi would win a comfortable majority in the general election, but investors said they were awaiting major reforms. The partially convertible rupee INR=D4 was trading at 69.49/50 per dollar at, after rising to 69.3550 earlier, making it up 1.2 percent on the day. The gain, if sustained, would be the highest since December. The BJP, he added, had overcome "disastrous macroeconomics with effective microeconomics",.
  • U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia, and added that any agreement with China cannot be a "50-50" deal.

Global Markets

  • Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East. Brent crude LCOc1 was up by 96 cents, or 1.3%, at $73.17 a barrel.
  • Gold steadied on Monday, trading near a two-week low hit in the previous session, as strong U.S. economic data underpinned the dollar amid geopolitical as well as trade tensions.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.585 69.59 -0.98
EUR/USD 1.11521 77.60 -1.08
GBP/USD 1.27324 88.59 -0.87
USD/JPY 110.211 0.63 -1.21
SEK/INR 9.6421 7.2168 -0.0726
DKK/INR 6.2116 11.2025 0.0325
AUD/USD 1.445 48.15 -0.81
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11310.80 2.39
SENSEX 38902.83 2.56
BANK NIFTY 30417.85 3.29
SGX NIFTY 11696 2.29
NIKKEI 21349.85 0.47
HANG SENG 27826 -0.36
SHANGHAI 2865.25 -0.59
ASX200 6474.10 1.71
DOW JONES 25880 0.38
S&P500 # 2870.82 0.37
NASDAQ # 7531. 0.43
Key Events of the Day
Date Time Currency Event Forecast Previous

Share this post?