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Indian Rupee Steady As Importers’ Dollar Bids Offset Early Gains

24 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 70.1350 against 70.1450 at the previous close. The local unit moved in 69.8750‐70.2750 per dollar band intra-day.
  • The Indian rupee was little changed against the dollar in choppy trade, as month‐end greenback demand from importers and weak local shares amid uncertainty around U.S. political issues offset early gains from exporters’ dollar sales. There are more of exporters in the market as compared to the importers, which led to a very choppy session as volumes were dull. Weak local shares weighed on sentiments too. This week, rupee is likely to remain in a range and is unlikely to sway strongly in either direction.

Global Currency

  • The euro and the Japanese yen gained in thin trading on Monday as concerns about a partial U.S. government shutdown weighed on investor sentiment and the dollar, although Chinese plans to cut tariffs on a range of goods helped to lift the mood.
  • The pound was stuck near four‐month lows against the euro on Monday and while it extended its recent rebound versus the dollar, traders said the currency would struggle to make much headway before crucial Brexit developments in January. Against the euro, the pound dropped 0.1 percent to 90.030 pence. Against the dollar, the pound rose 0.2 percent to $1.2652.

Global Markets

  • Oil prices edged up on Monday after evidence that a recent fall to 15‐month lows may be affecting output in the United States, the world's largest producer, although concern about the outlook for demand tempered gains. Brent crude futures were up 8 cents at $53.90 a barrel, while U.S. crude futures eased by 5 cents to $45.54.
  • Gold rose on Monday, trading near last week's six‐month high, as concerns about a possible U.S. government shutdown and global growth weighed on the dollar and equity markets, boosting the appeal of assets viewed as safer, such as bullion.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.145 70.145
EUR/USD 1.1397 79.90
GBP/USD 1.26481 88.77
USD/JPY 111.105 0.63 -0.16
SEK/INR 9.0581 7.7439
DKK/INR 6.249 11.2250 0.49
AUD/USD 1.4163 49.52
DXY 70.145 70.145
Index Today % Change
NIFTY 10663.5 -0.84
SENSEX 35470.15 -0.76
NIKKEI 20166.19 -1.11
HANG SENG 25651.38 -0.4
SHANGHAI 2527.0071 0.43
CAC# 4640.67 -1.14
FTSE # 7264.61 0.0042
DAX # 10633.82 0.21
Commodities Today % Change
GOLD # 1260.66 0.38
SILVER# 14.583 0
BRENT # 53.82 0
NYMEX # 45.47 -0.26
Today Today
OPEN 70.1800
HIGH 70.2950
LOW 69.8750
CLOSE CLOSE 70.1350

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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