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India Rupee Gains As Trump Pushes China Tariff Deadline

25 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.02 pair now at 71.02 against 71.14 previous close.
  • Pair to tip in 70.80-71.200 range today.
  • The Indian rupee rose against the dollar as U.S. President Donald Trump’s remarks that he will delay a proposed increase in tariffs on Chinese shipments helped boost appetite for Asian assets. Increased hopes of a trade deal between the U.S. and China in near future bolstered the risk appetite. However, crude oil prices above $65 per barrel continue to remain a cause of concern and it is expected to keep gains in the rupee capped.

Global Currency

  • The U.S. dollar was on track to snap a two-week winning streak Friday after slipping against its rivals as a rebound from session lows in the pound and dovish comments from the Federal Reserve vice chairman weighed. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.14% to 96.33.
  • Traders are also keeping an eye on trade developments, which are going well, but still lack clarity on key issues, including intellectual property and technology transfers, Reuters reported. The euro rose due to the weaker dollar, with EUR/USD up 0.18% to 1.1352. The pound recovered slightly after falling earlier in the session amid news that a vote on a Brexit deal next week is unlikely.

Global Markets

  • Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth. Brent crude oil futures were at $67.26 a barrel, up 14 cents, or 0.2 percent, from their last close.
  • Gold is trading in the green despite US-China trade optimism, possibly due to losses in the greenback. Trump raised hopes of a breakthrough trade deal, sending risk currencies higher against the US dollar - a preferred safe haven in 2018.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.025 71.035 0.01
EUR/USD 1.1341 80.55 0.05
GBP/USD 1.30682 92.82 0.13
USD/JPY 110.662 0.64 0
SEK/INR 9.3350 7.6085 0.0099
DKK/INR 6.3401 11.2025 0.0325
AUD/USD 1.3991 -0.09
1M 2.48438 -0.413  
3M 2.64625 -0.33643  
6M 2.706 -0.292  
1Y 2.89163 -0.16114  
Index Today % Change
NIFTY 10803.95 0.11
SENSEX 35953.52 0.23
BANK NIFTY 26977.4 0.41
SGX NIFTY 9347.5 0.33
NIKKEI 21425.51 -0.18
HANG SENG 28885.14 0.24
SHANGHAI 2897.3518 3.32
ASX200 6163 -0.07
DOW JONES 26031.81 0.7
S&P500 # 2792.67 0.64
NASDAQ # 7090.625 0.79
Key Events of the Day
Date Time Currency Event Forecast Previous

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