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India Rupee Up For 2nd Day As US Postpones Tariff Hike Deadline

25 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.9750 against 71.14 at the previous close. The local unit moved in 70.9650 -71.0850 per dollar band intra-day.
  • The Indian rupee rose for a second session and closed at a near-two week high against the dollar, on improved appetite for risk assets after U.S. President Donald Trump said he will delay the proposed tariff hikes on Chinese shipments. Two factors are helping the Indian rupee - one is the decline in the dollar index due to progress in trade talks between U.S. and China. Secondly, a strong rebound in local equities has also aided the local unit. However, steady rise in oil prices is hurting the domestic currency. Most Asian currencies also traded higher against the dollar, led by gains in Chinese yuan, which jumped to a seven-month high.

Global Currency

  • The dollar was broadly lower early Monday in Europe after U.S. President Donald Trump’s decision to delay the imposition of more tariffs on Chinese imports triggered a relief rally in risk assets. A warning from Chinese news agency Xinhua that there could still be problems with the deal dampened spirits only marginally.
  • The euro also hit a two-week high against the dollar on hopes that a truce can revive a stagnating euro-zone economy. However, the outlook for both currencies is still clouded by the obvious concerns of their central banks about the short-term outlook, with officials at both having encouraged hopes of further stimulus last week.

Global Markets

  • Gold prices edged up on Monday as the dollar fell against the yuan after U.S. President Donald Trump said he would delay an increase in tariffs on Chinese goods, while palladium surged to a record high.
  • Oil prices edged up on Monday toward a 2019 high achieved last week as sanctions and political uncertainty tightened supply in several producer countries and U.S.-China talks appeared headed toward success.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.99 70.99 -0.04
EUR/USD 1.1363 80.72 0.26
GBP/USD 1.30832 92.91 0.24
USD/JPY 110.701 0.64 -0.08
SEK/INR 9.3105 7.6247 0.0261
DKK/INR 6.324 11.2250 0.49
AUD/USD 1.3939 0.06
DXY 96.337 -0.18
Index Today % Change
NIFTY 10880.1 0.82
SENSEX 36213.38 0.95
NIKKEI 21528.23 0.48
HANG SENG 28959.3 0.5
SHANGHAI 2961.2834 5.6
CAC# 5234.03 0.35
FTSE # 7264.61 0.0042
DAX # 11492.84 0.31
Commodities Today % Change
GOLD # 1330.25 0.19
SILVER# 15.908 0
BRENT # 67.12 0
NYMEX # 57.43 0.3
Today Today
OPEN 71.0200
HIGH 71.0850
LOW 770.9650
CLOSE 70.9750

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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