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USD/INR ends at 1-week low on likely FPI inflows into local debt, weak dlr

24 June 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.35 against 69.55 at the previous close. The local unit moved in 69.33-69.6025 per dollar band intra-day.
  • Dollar/rupee ended at over one-week low Monday on likely overseas portfolio inflows into local government debt, while a globally weak greenback further weighed on dollar demand. Some overseas portfolio inflows into local government debt segment was supporting demand for the local currency. Also, tracking a weak dollar, spot ended down. The dollar plunged against other major counterparts on increased bets on a possible Fed rate cut in the upcoming July policy after dovish comments from Fed members.

Global Currency

  • The dollar fell against its rivals on Monday after sustaining its biggest weekly drop in four months last week as the U.S. central bank opened the doors for a likely rate cut as early as next month. The dollar has been on the receiving end of a broad market selloff in major currencies as global central banks led by the U.S. Federal Reserve signalled a dovish outlook on monetary policy due to growing signs of a weak global economy.
  • The pound was broadly steady as the leadership contest for the ruling conservative Party entered its final stretch with Jeremy Hunt facing rival Boris Johnson to replace outgoing Prime Minister Theresa May. the dollar GBP=D3 , the pound was broadly steady at $1.2751 while it was a shade weaker against the euro EURGBP=D3 at 89.31.

Global Markets

  • Oil prices rose on Monday, extending large gains last week that were prompted by tensions between Iran and the United States, as Washington was set to announce new sanctions on Tehran.
  • Gold prices advanced on Monday, hovering near a six-year high touched in the previous session, as dovish signals from major central banks and heightened tensions between the United States and Iran boosted demand for the safe-haven metal.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.36 69.36 -0.34
EUR/USD 1.13954 79.07 -0.11
GBP/USD 1.27553 88.45 -0.23
USD/JPY 107.284 0.65 -0.31
SEK/INR 9.3031 7.4556 0.0125
DKK/INR 6.179 11.2250 0.49
AUD/USD 1.4381 48.25 -0.07
DXY 96.10 -0.03
Index Today % Change
NIFTY 11699.65 -0.21
SENSEX 39122.96 -0.18
NIKKEI 21285.99 0.12
HANG SENG 28502 -0.02
SHANGHAI 3008.15 0.21
CAC# 5513.50 0.21
FTSE # 7404.80 0.32
DAX # 12274.44 -0.54
Commodities Today % Change
GOLD # 1409 0.74
SILVER# 15.37 0.47
BRENT # 65.11 -0.15
NYMEX # 57.77 0.59
Today Today
OPEN 69.6000
HIGH 69.6025
LOW 69.3300
CLOSE 69.3500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
24/06/19 13.30 EUR German Ifo Business Climate Index) 97.4 97.4 97.9

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