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Indian Rupee Gains As Crude Oil Prices Fall; Local Shares Rebound

26 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 70.07 against 70.1350 at the previous close. The local unit moved in 69.7550-70.16 per dollar band intra‐day.
  • The Indian rupee rose against the dollar tracking a plunge in crude oil prices to multi‐month lows and as local shares rebounded in the latter half of the session. Although rupee got a boost from crash in crude oil prices, month‐end dollar demand kept the gains limited in local currency for the day. The volumes were muted as holiday mood continued. ny development on the U.S. political uncertainty front will influence market movement going ahead.

Global Currency

  • The U.S. dollar edged higher against the other major currencies on Wednesday, with activity likely to stay subdued as many global markets remained closed for the Christmas holiday. Markets in Britain, Germany and Hong Kong are all closed, resulting in muted trading volumes.
  • The euro and the British pound tacked on 0.2 percent each, changing hands at $1.1415 and $1.2705, respectively. The Australian dollar added 0.1 percent to fetch $0.7043. Over recent months the dollar has struggled to shake off a growing list of bearish factors, led most recently by speculation over the outlook for U.S. interest rates, falling bond yields and the plunge in oil prices.

Global Markets

  • Oil edged up to $51 a barrel on Wednesday after reaching its lowest since June 2017 on perceptions that a price slide prompted by worries over the global economy had been overdone amid an OPECled effort to tighten supply. U.S. crude (CLc1) was up 74 cents at $43.27.
  • The partial U.S. government shutdown and growing worries of a global recession seem to be taking gold slowly but more surely toward the $1,300 per ounce level targeted by precious metals bulls. The precious metal hit a six‐month high of $1,273.90

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.07 70.07 0.03
EUR/USD 1.1383 79.74 -0.06
GBP/USD 1.26854 88.82 0.08
USD/JPY 110.59 0.63 -0.39
SEK/INR 9.0797 7.7183
DKK/INR 6.243 11.2250 0.49
AUD/USD 1.4171 49.43
DXY 96.723 0.18
Index Today % Change
NIFTY 10729.85 0.62
SENSEX 35649.94 0.51
NIKKEI 19327.06 0.89
HANG SENG 25651.38 -0.4
SHANGHAI 2498.2939 0.26
CAC# 4626.39 -1.45
FTSE # 7264.61 0.0042
DAX # 10633.82 0.21
Commodities Today % Change
GOLD # 1272.66 0.33
SILVER# 14.701 0
BRENT # 51.05 1.15
NYMEX # 43.13 1.41
Today Today
OPEN 69.8800
HIGH 70.1600
LOW 69.7550
CLOSE 70.0700

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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