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USD/INR opens down tracking weak dlr ahead of Jackson Hole Symposium, FOMC minutes

21 August 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.45 pair now at 71.53 against 71.7025 previous close.
  • Pair to tip in 71.40-71.80 range today.
  • Dollar/rupee opened down Wednesday tracking the weakness in greenback ahead of the central bankers' meet at Jackson Hole Symposium and release of Federal Open Market Committee (FOMC) July meeting minutes. Dollar is weak and spot tracking the dollar opened down. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 98.20 compared to 98.39 at the close of spot rupee market on Tuesday.

Global Currency

  • The dollar was on the defensive on Wednesday, elbowed off a three-week peak by a reversal in U.S. yields as they headed south again ahead of a meeting of central bankers, at which the Federal Reserve is expected to give clues on further rate cuts. Central bankers will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by Fed Chair Jerome Powell. Investors will also be looking for clues on the Fed's plans in minutes of its July policy meeting due later on Wednesday.
  • Sterling traded at $1.2162 GBP, holding a bulk of the gains made on Tuesday when it advanced 0.4%. The pound rose after German Chancellor Angela Merkel said the European Union would think about practical solutions regarding the post-Brexit Irish border.

Global Markets

  • Gold rose on Tuesday to firm above $1,500, recovering from a more than 1% slide in the previous session, as U.S. yields fell on increasing expectations for looser monetary policy to address fears of a global downturn.
  • Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.5625 71.57 0.04
EUR/USD 1.10937 79.39 -0.1
GBP/USD 1.21553 86.98 -0.09
USD/JPY 106.468 0.67 -0.21
SEK/INR 9.6900 7.3852 0.0018
DKK/INR 6.3881 11.2025 0.0325
AUD/USD 1.4739 48.54 0.07
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 10983.50 -0.30
SENSEX 37240.70 -0.23
BANK NIFTY 27881.50 -0.38
SGX NIFTY 11008.00 -0.19
NIKKEI 20608.00 -0.33
HANG SENG 26231.00 -0.00
SHANGHAI 2880.52 +0.02
ASX200 6471.80 -1.12
DOW JONES 25962.40 -0.66
S&P500 # 2900.51 -0.79
NASDAQ # 7948.56 -0.68
Key Events of the Day
Date Time Currency Event Forecast Previous
21-Aug-2019 19.30 USD Existing Home Sales (Jul) 5.39M 5.27M
21-Aug-2019 20.00 USD Crude Oil Inventories -1.889M 1.580M

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