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India Rupee Likely Higher, Tracking Asian Peers; Oil Slides

23 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.15 pair now at 71.20 against 71.4350 previous close.
  • Pair to tip in 71.00‐71.40 range today.
  • The Indian rupee is expected to open higher against the dollar in the wake of a broad advance in regional currencies. The Brent crude’s decline amid a selloff on Wall Street is further expected to boost the rupee, a dealer at a commodity firm said. The Indonesian rupiah, the Chinese yuan, and the Thai baht led regional currencies higher on Wednesday, rebounding from losses in the previous two sessions. The advance came amid a decline in long‐term. Fiscal concerns amid expectations of a populist budget ahead of India’s federal elections will keep dollar bulls “interested on any significant dips” on the pair.

Global Currency

  • The dollar fell against the Japanese yen on Tuesday, as worries about flagging global growth and concerns about continuing U.S.‐Chinese trade tensions drove investors to seek out safe‐haven assets.
  • The safe‐haven yen fell versus its peers on Wednesday as concerns over slowing global growth and U.S.‐Sino trade tensions dampened investors' appetite for riskier assets. As expected, the Bank of Japan kept monetary policy unchanged and trimmed its inflation forecast, with a larger‐than‐expected drop in December export data earlier in the day underlining the need for continued support for the trade.

Global Markets

  • Oil prices were steady on Wednesday on hopes that increased Chinese spending would stem an economic slowdown that is showing signs of spreading and has been weighing on financial markets. Crude oil futures LCOc1 were at $61.49 per barrel at 0314 GMT, virtually unchanged from their last close.
  • Gold held firm on Tuesday, propped by interest from investors seeking refuge from concerns over slowing global growth, while gains for the metal were limited as the dollar held near a multi‐week peak. U.S. gold futures GCv1 settled up 0.1 percent to $1,283.4.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.22 71.2275 -0.01
EUR/USD 1.13653 80.94 -0.03
GBP/USD 1.29483 92.21 -0.08
USD/JPY 109.637 0.65 -0.31
SEK/INR 9.0219 7.8941 0.0009
DKK/INR 6.3575 11.2025 0.0325
AUD/USD 1.4004 50.83 0.12
1M 2.51225 -0.41971  
3M 2.77238 -0.331  
6M 2.85475 -0.29529  
1Y 3.03988 -0.17514  
Index Today % Change
NIFTY 10908.3 -0.13
SENSEX 36371.99 -0.2
BANK NIFTY 27450.7 -0.11
SGX NIFTY 9347.5 0.33
NIKKEI 20622.91 -0.47
HANG SENG 26988.13 -0.06
SHANGHAI 2576.8004 -0.11
ASX200 5843.7 -0.26
DOW JONES 24404.48 -1.22
S&P500 # 2632.9 -1.42
NASDAQ # 6646.813 0
Key Events of the Day
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