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USD/INR trades choppy after flat open ahead of election results

21 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.73 pair now at 69.78 against 69.7350 previous close.
  • Pair to tip in 69.65-70.00 range today.
  • Dollar/rupee fluctuated after opening little changed on Tuesday as dealers stayed cautious ahead of election results due on Thursday. Investors are weighing options of the actual results coming in line with exit polls and otherwise. elevated oil prices are weighing on the rupee, and therefore, despite being cautious, the trades in dollar/rupee will largely be tilted to the upside. The dollar index, which tracks the movement of greenback against a basket of six major currencies.

Global Currency

  • The dollar held near a 2-1/2-week high on Tuesday, supported by higher U.S.-yields and as intensifying trade frictions between the United States and China boosted appetite for the safe-haven dollar. The dollar has established itself as a safe-haven and it attracts demand in times like this, with equities falling and market volatility rising. The bounce by Treasury yields is another factor supporting the dollar. The recent drop by the 10-year yield seemed overdone, and with Fed's Powell not providing clear hints of a rate cut this year.
  • The euro was effectively flat at $1.1166 after slipping to $1.1150 the previous day, its lowest since May 3. The single currency is expected to remain on a nervous footing through the May 23-26 European parliamentary election.

Global Markets

  • Oil prices edged up on Tuesday on escalating tensions between the United States and Iran and on signs that producer club OPEC will continue withholding supply this year. However, gains were checked by concerns that a prolonged Sino-U.S. trade war.
  • Gold eased on Tuesday after touching a more than two-week low in the previous session, as increasing bets that the U.S. Federal Reserve will not cut interest rates this year boosted the dollar which usurped bullion's safe-haven appeal.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.7375 69.745 0.22
EUR/USD 1.11587 77.82 0.1
GBP/USD 1.27224 88.72 0.22
USD/JPY 110.169 0.63 0.01
SEK/INR 9.6789 7.2051 0.0007
DKK/INR 6.2252 11.2025 0.0325
AUD/USD 1.4532 47.98 0.18
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11869.10 0.36
SENSEX 39470.80 0.30
BANK NIFTY 30773.70 0.05
SGX NIFTY 11865 0.00
NIKKEI 21281.18 -0.12
HANG SENG 27828 0.08
SHANGHAI 2914.22 1.52
ASX200 6478.6 0.03
DOW JONES 25794.10 0.28
S&P500 # 2854.24 0.29
NASDAQ # 7427.19 0.47
Key Events of the Day
Date Time Currency Event Forecast Previous
21-May-19 19.30 USD Existing Home Sales (Apr) 5.35M 5.21M

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