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India Rupee Higher As Oil Price Eases; Stocks Watched

22 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.25 pair now at 71.15 against 71.25 previous close.
  • Pair to tip in 71.00-71.40 range today.
  • The Indian rupee rose against the dollar in early trade as crude oil prices came off recent highs, aiding concerns of wider trade deficit gap at home. Some softness in crude prices is aiding the rupee. However, we believe the dollar-rupee pair will remain on bids as importers will step up dollar purchases amid broad strength in the dollar and unfavourable risk sentiments. Markets will closely track outcome from ongoing trade talks between the U.S. and China.

Global Currency

  • The dollar held gains against its peers early on Friday, bolstered by a rise in U.S. yields, while the Aussie clawed back some of its recent plunge on upbeat central bank comments and easing concerns about China's ban on Australian coal imports. The rise by the greenback, however, had been limited after Thursday's soft U.S. economic data, including an unexpected fall in core capital goods orders and weak existing home sales, which affirmed expectations that the Federal Reserve will hold interest rates steady.
  • Sterling has swung wildly between a low of $1.2895 and a high of $1.3109 this week as British Prime Minister Theresa May tries to persuade European Commission chief Jean-Claude Juncker to modify her withdrawal deal and then get the tweaked agreement through parliament.

Global Markets

  • Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets.
  • Gold inched up on Friday as optimism over U.S.-China trade talks pressured the dollar, but signs the U.S. Federal Reserve could raise interest rates again this year kept prices below 10-month highs hit.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.17 71.18 0.03
EUR/USD 1.13338 80.66 0
GBP/USD 1.30278 92.70 -0.04
USD/JPY 110.794 0.64 -0.08
SEK/INR 9.3711 7.5946 0.0025
DKK/INR 6.3530 11.2025 0.0325
AUD/USD 1.4094 -0.11
1M 2.48113 -0.40971  
3M 2.66338 -0.34443  
6M 2.69338 -0.29129  
1Y 2.87425 -0.16586  
Index Today % Change
NIFTY 10787.25 -0.02
SENSEX 35891.54 -0.02
BANK NIFTY 26951.4 -0.37
SGX NIFTY 9347.5 0.33
NIKKEI 21464.23 0.15
HANG SENG 28545.23 -0.3
SHANGHAI 2752.732 0.03
ASX200 6167.8 0.47
DOW JONES 25850.63 -0.4
S&P500 # 2774.88 -0.35
NASDAQ # 7035.164 -0.38
Key Events of the Day
Date Time Currency Event Forecast Previous
22-Feb-19 12:30 EUR German GDP (QoQ) (Q4) 0.0% 0.0%
22-Feb-19 14:30 EUR German Ifo Business Climate Index 99.0 99.1
22-Feb-19 15:30 EUR CPI (YoY) (Jan) 1.4% 1.4%

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