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USD/INR ends up on likely FII outflows from local stocks

25 October 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 73.2750 against 73.15 at the previous close. The local unit moved in 73.19-73.37 per dollar band intra-day.
  • Indian Rupee ended up Thursday on buying by foreign banks amid likely overseas funds outflow from local stocks. The Reserve Bank of India intervened around intraday high level and subsequent selling by exporters capped further gains in the spot pair. Local stocks ended lower as global weakness led across the board selling in the domestic markets.

Global Currency

  • The dollar eased back from nine-week highs against a currency basket on Thursday, and the euro edged higher in cautious trade as a selloff in global equity markets gathered momentum, hitting risk appetite. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, was holding steady at 96.16. The euro recovered from Wednesday's two-month lows, before the European Central Bank's monetary policy meeting.
  • The Japanese yen and Swiss franc gained only briefly on Thursday as currency traders showed little reaction to a wave of selling across stock markets, although China's offshore yuan hit a 22-month low on worries about an economic slowdown. The yen rose as high as 111.82 JPY= versus the dollar, then retreated in European trading to settle at 112.275, flat on the day.

Global Markets

  • Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street's biggest daily decline since 2011. Brent crude oil fell 82 cents, or 1.1 percent, to a low of 75.35 before recovering to trade around 76.32, up 15 cents.
  • Gold prices inched lower on Thursday, with some investors taking advantage of a recent surge in prices to lock in profits. U.S. gold futures GCcv1 were up 0.3 percent at $1,234.7 an ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 73.2750 0.08
EUR/USD 1.14082 83.61 0.17
GBP/USD 1.29011 94.51 0.20
USD/JPY 112.335 0.65 -0.1
SEK/INR 8.8812 8.1487 0.0125
DKK/INR 6.4592 11.20 0.0183
AUD/USD 1.411 51.93 -0.04
DXY 96.335 -0.1
Index Today % Change
NIFTY 10124.9 -0.98
SENSEX 33690.09 -1.01
NIKKEI 21268.73 -3.72
HANG SENG 24994.46 -1.01
SHANGHAI 2603.7997 0.02
CAC# 5020.83 1.37
FTSE # 7264.61 0.0042
DAX # 11231.2 0.35
Commodities Today % Change
GOLD # 1232.21 -0.11
SILVER# 14.611 0
BRENT # 76.58 0.54
NYMEX # 67.04 0.33/td>
Today Today
OPEN 73.3400
HIGH 73.3700
LOW 73.1900
CLOSE 73.2750

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
25-10-2018 13.30 EUR German Manufacturing PMI 102.8 103.1 103.7
25-10-2018 17.15 EUR Deposit Facility Rate -0.40% -0.40% -0.40%
25-10-2018 17.15 EUR ECB Marginal Lending Facility 0.25% 0.25% 0.25%
25-10-2018 17.15 EUR ECB Interest Rate Decision (Oct) 0.00% 0.00% 0.00%

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