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Indian Rupee Falls As Local Shares Ease, Fed Minutes In Focus

24 October 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 73.1500 against 73.5650 at the previous close. The local unit moved in 73.09-73.3325 per dollar band intra-day.
  • Indian Rupee jumped for a second session, with the benchmark note at a two-month high, as a plunge in the crude oil prices and stronger rupee boosted demand. Crude oil prices slumped after Saudi Arabia assured to keep oil markets well supplied to make up for any supply deficit due to the U.S. sanctions on Iran’s oil exports that takes effect next month.

Global Currency

  • The dollar was little changed against the yen, with USD/JPY at 112.46. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, was up 0.37% to 96.07, the most since August 20, boosted by the weaker euro. Overnight, President Donald Trump stepped up his criticism of the Federal Reserve and its chairman Jerome Powell, for hiking borrowing costs.
  • The euro skidded more than half a percent to its weakest since Aug. 20 on Wednesday after signs that economic growth could be slowing across the euro zone and the euro zone's government bond yields dropped on Wednesday after data showed business growth in the single currency area lost more momentum than expected, as trade tensions and worries over Italy overshadow the economy.

Global Markets

  • Oil slipped to around $76 a barrel on Wednesday, paring losses after hitting its lowest since late August, pressured by concern that demand is weakening and supply ample even as U.S. sanctions loom on oil exporter Iran.
  • Gold steadied off the previous day's three-month peak on Wednesday as the dollar firmed, but prices held at elevated levels after this week's drop in stock markets pointed to softer appetite for risk. On Tuesday, the precious metal touched its highest since July 17 at $1,239.68.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 73.15 -0.11
EUR/USD 1.14005 83.42 -0.71
GBP/USD 1.2916 94.46 -0.58
USD/JPY 112.686 0.65 -0.32
SEK/INR 8.9864 8.0533 -0.0599
DKK/INR 6.4738 11.18 -0.0798
AUD/USD 1.4088 51.93 -0.1
DXY 96.402 0.46
Index Today % Change
NIFTY 10224.75 0.77
SENSEX 34033.96 0.55
NIKKEI 22091.18 0.37
HANG SENG 25249.78 -0.38
SHANGHAI 2603.2985 0.33
CAC# 5010.79 0.87
FTSE # 7264.61 0.0042
DAX # 11326.36 0.46
Commodities Today % Change
GOLD # 1229.3199 -0.07
SILVER# 14.728 0
BRENT # 76.43 -0.01
NYMEX # 66.73 0.45
Today Today
OPEN 73.2300
HIGH 73.3325
LOW 73.0900
CLOSE 73.1500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
24-10-2018 13.00 EUR German Manufacturing PMI 52.3 53.5 53.7

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