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.
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
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.
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
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
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