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India Rupee Off Lows On Reports Farm Package To Have Less Impact

21 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.2750 against 71.18 at the previous close. The local unit moved in 71.14-71.5250 per dollar band intra-day.
  • The Indian rupee trimmed most of its early losses to trade little changed against the dollar in thin afternoon trade, on media reports that a farm loan waiver scheme will have limited impact on the nation’s fiscal deficit gap. Media reports of less impact on the India’s fiscal deficit from farm loan package is positive for the local assets. A large private bank sold dollars near the day’s low. Foreign banks are likely selling dollar for equity-related foreign portfolio inflows, while absence of dollar purchases in huge quantum due as U.S. markets are shut today is also supporting the rupee.

Global Currency

  • The dollar held near a two-week high on Monday, shrugging off concerns about weakening global growth and data showing China's economy slowed sharply in 2018. The dollar has enjoyed its first weekly gain since mid-December, buoyed by hopes for a thaw in U.S.-China trade tensions and stronger-than-expected U.S. industrial production numbers.
  • The pound was 0.1% lower at 1.2860. British Prime Minister Theresa May will on Monday put forward a motion on her proposed next steps. Over the following week, lawmakers will be able to propose alternatives. They will debate these plans on Jan. 29, and voting on them should indicate whether any could get majority support.

Global Markets

  • Oil prices fell on Monday, in line with weaker stock markets after evidence that economic growth in China, the world's second largest crude consumer, eased in 2018. Brent crude oil futures were last down 35 cents on the day at 62.35 a barrel.
  • Gold prices traded near flat on Monday in Asia as investors awaited further news on trade talks for signs of a resolution in the U.S.-China dispute.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.285 71.285 0.11
EUR/USD 1.13677 81.05 0.15
GBP/USD 1.28729 91.70 0.06
USD/JPY 109.587 0.65 0.28
SEK/INR 9.0211 7.9020 0.0154
DKK/INR 6.351 11.2250 0.49
AUD/USD 1.3971 51.01 -0.2
DXY 96.345 0.01
Index Today % Change
NIFTY 110961.85 0.5
SENSEX 36578.96 0.53
NIKKEI 20719.33 0.26
HANG SENG 27196.54 0.39
SHANGHAI 2610.5094 0.56
CAC# 4869.03 -0.14
FTSE # 7264.61 0.0042
DAX # 11160.68 -0.4
Commodities Today % Change
GOLD # 1278.6 -0.18
SILVER# 15.26 -0.46
BRENT # 62.5 -0.32
NYMEX # 53.65 -0.28
Today Today
OPEN 71.3600
HIGH 71.5250
LOW 71.1400
CLOSE 71.2750

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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