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India Rupee Steady On Week As Oil Offsets FPI Outflow Impact

25 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.1750 against 71.07 at the previous close. The local unit moved in 70.96-71.24 per dollar band intra-day.
  • The Indian rupee was little changed this week against the dollar as lower crude oil prices offset the impact of foreign fund outflows from local bonds, while the country’s fiscal position stayed in focus ahead of the federal budget. Easing of oil prices gave the market some relief, but as fiscal talks remained in center stage foreign portfolio investors pulled out money from local bonds. In coming days, rupee’s depreciation is more likely as it will remain well offered since the dollar index remains elevated and as local stock market took a plunge today.

Global Currency

  • Sterling scaled an 11-week high on Friday after The Sun reported that Northern Ireland's Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May's Brexit deal next week.
  • The euro was headed for a second weekly decline on Friday after the head of the European Central Bank said economic growth was likely to be weaker than previously expected. ECB President Mario Draghi blamed factors ranging from China's slowdown to Brexit for the slowdown.

Global Markets

  • Oil prices edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the United States makes good on signals that it could impose sanctions on Venezuelan exports. fresh data on surging U.S. fuel stocks and worries about U.S.-China trade talks weighed on prices.
  • Gold edged up on Friday as the dollar eased from a multi-week peak, with bullion seen consolidating in a narrow range supported by concerns about global growth and political uncertainties, including the U.S. government shutdown.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.185 71.185 0.25
EUR/USD 1.13434 80.74 0.57
GBP/USD 1.30985 93.18 0.48
USD/JPY 109.803 0.65 0.08
SEK/INR 9.0847 7.8357 0.018
DKK/INR 6.342 11.2250 0.49
AUD/USD 1.4057 50.63 0.48
DXY 96.355 -0.25
Index Today % Change
NIFTY 10780.55 -0.64
SENSEX 36025.54 -0.47
NIKKEI 20773.56 0.97
HANG SENG 27569.19 1.65
SHANGHAI 2601.7234 0.39
CAC# 4918.94 0.96
FTSE # 7264.61 0.0042
DAX # 11303.51 1.56
Commodities Today % Change
GOLD # 1284.35 0.3
SILVER# 15.25 0.08
BRENT # 61.02 -0.11
NYMEX # 53.21 0.15
Today Today
OPEN 71.0000
HIGH 71.2400
LOW 70.9600
CLOSE 71.1750

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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