Offers & Promotions Download Brochure Get a Call Back Download App
Contact us

Indian Rupee Jumps As Oil Plunges To Near 2-Month Low

24 October 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 73.23 pair now at 73.28 against 73.5650 previous close.
  • Pair to tip in 73.10- 73.40 range today.
  • The Indian rupee rose to a three-week high against the dollar in early trade, supported by an overnight slump in crude oil prices to nearly two-month low. Brent crude prices inching closer to $75 per barrel mark lifted the domestic currency. However, these levels remain attractive for importers and some oil importers. We may see some exporters selling dollars later in the session, while gains in local shares will also aid sentiment.

Global Currency

  • The euro was also steady at 1.1472, although bearish sentiment against the common currency amid Italy's budget woes has limited any chance of a rally. The European Commission rejected Italy's draft 2019 budget, saying it brazenly broke EU rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action.
  • The safe-haven Japanese yen and the Swiss franc held firm against the U.S. dollar on Wednesday as risk-averse investors trimmed their exposure to the greenback in the face of a weak performance on Wall Street. The Japanese yen JPY= was steady at 112.43 in early Asian trade, having gained 0.32 percent on Tuesday and was the best performing currency in the G-10 space in that session.

Global Markets

  • Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from U.S. sanctions starting next month on Iran's petroleum exports.
  • Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 73.23 73.31 0.09
EUR/USD 1.14687 84.06 0.05
GBP/USD 1.29817 95.15 0.15
USD/JPY 112.612 0.65 -0.08
SEK/INR 8.9950 8.1487 0.0108
DKK/INR 6.5060 11.27 0.0074
AUD/USD 1.408 52.05 0.11
TIME USD LIBOR EURO LIBOR  
1M 2.2865 -0.41143  
3M 2.48738 -0.35314  
6M 2.72931 -0.32486  
1Y 3.031 -0.20829  
Index Today % Change
NIFTY 10201.9 0.54
SENSEX 34054.59 0.61
BANK NIFTY 25139.7 0.67
SGX NIFTY 9347.5 0.33
NIKKEI 22010.78 -2.67
HANG SENG 25533.97 0.74
SHANGHAI 2636.931 1.62
ASX200 5829 -0.24
DOW JONES 25191.43 -0.5
S&P500 # 2740.69 -0.55
NASDAQ # 7118.674 0
Key Events of the Day
Date Time Currency Event Forecast Previous
24-10-2018 13.00 EUR German Manufacturing PMI(OCT) 53.8 54.0
24-10-2018 19.30 USD New Home Sales (Sep) 630K 629K

Share this post?