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USD/INR may extend fall to Rs 68.50/$1 on FII inflows after dovish Fed

22 March 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 68.64 pair now at 68.54 against 68.82 previous close.
  • Pair to tip in 68.40-68.80 range today.
  • Dollar/rupee may extended fall to Rs 68.50/$1 on selling by foreign banks on likely FII inflows into the local stocks and debt market after Federal Open Monetary Committee dovish outcome. Foreign banks are selling dollar on behalf of overseas investors, who are buying into local stocks and debt after the dovish stances by Fed. Local stocks opened higher Friday on improved risk appetite led by steady overseas fund buying and upbeat US data fuelled investor optimism.

Global Currency

  • The dollar eased against a basket of currencies on Friday while sterling gained slightly on news that Prime Minister Theresa May had bought a bit more time to resolve when and how Britain exits from the European Union. Against a basket of six key rival currencies .DXY , the dollar slipped 0.2 percent to 96.314.
  • Sterling rose a quarter of a percent to $1.3140. It had retraced sharp losses overnight, when it touched as low as $1.3004.The Bank of England kept interest rates steady on Thursday and said most businesses felt as ready as they could be for a no-deal Brexit. core consumer prices rose 0.7 percent in February from a year earlier, slowing from the previous month's pace, data showed on Friday.

Global Markets

  • Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela.
  • Gold extended losses on Friday, moving further away from a threeweek peak hit in the previous session, as appetite for riskier assets improved on upbeat U.S. economic data, while the metal was still on path for a third straight weekly gain.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 68.575 68.585 -0.25
EUR/USD 1.13752 78.00 -0.27
GBP/USD 1.31342 90.07 0.00
USD/JPY 110.778 0.62 -0.23
SEK/INR 9.1749 7.4742 -0.0232
DKK/INR 6.1214 11.2025 0.0325
AUD/USD 1.4072 48.72 -0.29
1M 2.49063 -0.414  
3M 2.607 -0.33443  
6M 2.679 -0.29714  
1Y 2.8135 -0.17071  
Index Today % Change
NIFTY 11565 0.38
SENSEX 38547.16 0.42
BANK NIFTY 29961.65 0.43
SGX NIFTY 9347.5 0.33
NIKKEI 21608.92 0.20
HANG SENG 28913.55 -0.54
SHANGHAI 3077.5625 -0.77
ASX200 6190.6 0.38
DOW JONES 25962.51 0.84
S&P500 # 2854.88 1.09
NASDAQ # 7493.269 0
Key Events of the Day
Date Time Currency Event Forecast Previous
22-03-2019 14.00 EUR German Manufacturing PMI (Mar) 48.0 47.6
22-03-2019 19.30 USD Existing Home Sales (Feb) 5.10M 4.94M

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