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Indian Rupee Snaps 2-Day Rise On Oil Rally, Trade War Escalation

24 September 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 72.63 against 72.1950 at the previous close. The local unit moved in 72.34-72.73 per dollar band intra-day.
  • The Indian rupee fell for the first time in three sessions against the dollar, as crude oil prices jumped to a near-four-year high, while further escalation in the ongoing trade war between the U.S. and China weighed on investor sentiment. There has been some (central bank) intervention but trend remains negative for the rupee, especially with equities in red. Major negatives for the rupee remains escalation in trade war along with higher crude oil prices. Further losses in domestic shares can also drag on rupee.

Global Currency

  • The dollar slipped on Monday, erasing its earlier gains, as investors searched for fresh clues to extend a multi-month rally in the dollar before a widely expected interest rate hike by the U.S. central bank this week. Market forecasts for further interest rate hikes by the U.S. FED in line with policymakers' thinking at roughly three more rate hikes after a quarter-point increase this week.
  • The euro pared back earlier losses on the weaker greenback. EUR/USD increased 0.11% to 1.1761 . Sterling remained in focus, as a majority Prime Minister Theresa May’s cabinet supported a Canada-style trade deal with the European Union.

Global Markets

  • Oil prices jumped more than 2 percent to a four-year high on Monday after OPEC declined to announce an immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.
  • Gold was steady on Monday partly in response to a dip in the dollar, but activity was muted because investors are waiting for a U.S. central bank meeting this week, expected to result in an interest rate increase. Spot gold was little changed, down 0.02 percent at $1,198.85

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.37 72.38 -0.44
EUR/USD 1.17661 84.50 -0.44
GBP/USD 1.31426 95.09 -0.51
USD/JPY 112.615 0.64 -0.38
SEK/INR 8.9009 8.1306 -0.0318
DKK/INR 6.3909 11.32 -0.0478
AUD/USD 1.3752 52.44 -0.39
DXY 94.107 -0.12
Index Today % Change
NIFTY 10967.4 -1.58
SENSEX 36305.02 -1.46
NIKKEI 23869.93 0.82
HANG SENG 27499.39 -1.62
SHANGHAI 2797.4851 2.5
CAC# 5482.95 -0.2
FTSE # 7264.61 0.0042
DAX # 12391.63 -0.32
Commodities Today % Change
GOLD # 1199.11 0
SILVER# 14.269 0
BRENT # 80.7 2.41
NYMEX # 71.99 1.71
Today Today
OPEN 72.4700
HIGH 72.7300
LOW 72.3400
CLOSE 72.6300

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
24-09-2018 13.30 EUR German IFO Business Climate Index 103.7 103.2 103.9

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