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USD/INR opens up on oil bids, weak Chinese yuan, steady dlr

23 August 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.92 pair now at 72.02 against 71.81 previous close.
  • Pair to tip in 71.80-72.10 range today.
  • Dollar/rupee opened higher Friday tracking on oil bids and tracking a weak Chinese yuan amid a steady greenback ahead of Jackson Hole Symposium. Nationalised and foreign banks are buying. Oil bids are there. Chinese yuan is also weak and dollar remained steady. Powells speech is eyed. Investors now await Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium due later today. Powell is expected to stick with his message that the central bank.

Global Currency

  • The dollar held firm in Asia on Friday on expectations Federal Reserve Chairman Jerome Powell will, in a pivotal speech, stick with his message that the U.S. central bank has not entered a prolonged monetary easing cycle. Powell gives the highly-awaited speech later Friday at a meeting of central bankers in Jackson Hole. Doubts about further easing emerged after two Fed officials said they saw no reason to cut interest rates again without new signs of weakness.
  • The euro held steady at $1.1073, on course for its second weekly decline against the Dollar. Trump arrives at the G7 summit in France to discuss differences over trade, Iran and climate change. Trump slaps tariffs on EU cars and car part imports, which he says pose a national security threat, it would pose a new risk to Europe's economic outlook.

Global Markets

  • Gold prices slipped on Friday, but held near the key $1,500 level amid trade uncertainties and ahead of U.S. Fed chair's speech for clues on future rate cuts.
  • Oil ended lower as weak U.S. factory data highlighted demand concerns, and prospects of a Federal Reserve interest rate cut. The market has been shifting to focus on global demand from U.S. trade policy.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 72.0025 72.015 0.13
EUR/USD 1.10649 79.67 -0.05
GBP/USD 1.22243 88.02 -0.11
USD/JPY 106.575 0.68 -0.06
SEK/INR 9.6873 7.4327 0.002
DKK/INR 6.4274 11.2025 0.0325
AUD/USD 1.4806 48.61 -0.07
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 10880.00 -0.35
SENSEX 36941.40 -0.32
BANK NIFTY 27599.00 -0.43
SGX NIFTY 10678.00 -0.38
NIKKEI 20689.50 +0.30
HANG SENG 26136.00 +0.34
SHANGHAI 2897.14 +0.48
ASX200 6518.40 +0.26
DOW JONES 26252.20 +0.19
S&P500 # 2922.95 -0.05
NASDAQ # 7991.39 -0.36
Key Events of the Day
Date Time Currency Event Forecast Previous
23-Aug-2019 19.30 USD New Home Sales (Jul) 649K 646K

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