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India Rupee Snaps 3-Day Fall As Oil Prices Edge Lower

23 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.3350 against 71.4350 at the previous close. The local unit moved in 71.15-71.37 per dollar band intra-day.
  • The Indian rupee rose for the first time in four sessions against the dollar, tracking gains in most Asian currencies amid drop in crude oil prices on subdued risk appetite. The movement in crude prices is interconnected to risk appetite, so while drop in oil prices in positive for the rupee, reducing risk appetite is equally adding pressure, and vice-versa. Bunched-up dollar inflows after U.S. re-opened yesterday also supported the currency. The upside in rupee is capped and the currency is headed towards 72.50 levels on increasing concerns over fiscal slippage.

Global Currency

  • The U.S. dollar was holding steady against a basket of its rivals on Wednesday and the yen was broadly lower as risk sentiment improved, but concerns over slowing global growth and U.S.-China trade tensions looked likely to keep gains in riskier assets in check.
  • Sterling gained 0.5% against the greenback on Tuesday after data showing that the U.K. labor market remained strong despite an economic slowdown ahead of the looming deadline for Brexit on March 29. Sterling is sitting close to its highs last seen in mid- November.

Global Markets

  • Oil prices rose almost 1 percent on Wednesday on hopes that Japan and China would take fiscal stimulus measures to stem an economic slowdown which has weighed on financial markets. International Brent crude oil futures LCOc1 were at $62.10 per barrel at 1040 GMT, up 60 cents or 0.98 percent, from their last close.
  • Gold held steady on Wednesday after posting its best daily gain in two weeks in the previous session, with investors drawn to bullion as global equities slipped on economic growth fears and the U.S.-China trade dispute.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.345 71.345 0.13
EUR/USD 1.13627 81.04 0.09
GBP/USD 1.30208 92.82 0.59
USD/JPY 109.669 0.65 -0.18
SEK/INR 9.0314 7.8997
DKK/INR 6.356 11.2250 0.49
AUD/USD 1.4009 50.90
DXY 96.25 -0.06
Index Today % Change
NIFTY 10831.5 -0.84
SENSEX 36108.47 -0.92
NIKKEI 20593.72 -0.14
HANG SENG 27008.2 0.01
SHANGHAI 2581.0041 0.05
CAC# 4853.93 0.13
FTSE # 7264.61 0.0042
DAX # 11076.78 -0.12
Commodities Today % Change
GOLD # 1285.17 0.04
SILVER# 15.259 0
BRENT # 61.99 0.8
NYMEX # 53.41 0.75
Today Today
OPEN 71.1725
HIGH 71.3700
LOW 71.1500
CLOSE 71.3350

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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