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Indian Rupee Gains As Crude Slumps To 17-Month Low

26 December 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.88 pair now at 69.94 against 70.1350 previous close.
  • Pair to tip in 69.60- 70.00 range today.
  • The Indian rupee rose against the dollar in early trade, tracking a plunge in Brent crude prices to a 17‐month low amid broad weakness in the dollar. Decline in oil prices is the key factor for the appreciation in the rupee. Volumes will remain subdued as state‐run banks are on strike today. Focus will be on fund flows after yesterday’s holiday.

Global Currency

  • The dollar was broadly lower on Wednesday, pressured by a cocktail of negative factors including heightened concerns over the partial U.S. government shutdown and tension between the White House and the Federal Reserve. Fears of a U.S. and global economic slowdown have sent U.S. 10‐year yields tumbling by around 25 basis points in December, adding to the increasing strain on the dollar and further darkening its outlook.
  • The dollar has struggled particularly against the yen, losing ground for eight straight sessions as a broad risk‐off move in financial markets benefited the safe‐haven Japanese currency. It tried to steady in early Asian trade, edging up 0.3% on the yen to 110.64.

Global Markets

  • Oil prices were mixed in thin trading on Wednesday as the U.S. benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market in the longer term.
  • Gold prices inched lower on Wednesday as the dollar firmed but hovered near a six‐month high, supported by political instability in the United States and concerns about a global economic slowdown. U.S. gold futures GCv1 were down 0.3 percent at $1,268.10 per ounce.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.945 69.96 -0.12
EUR/USD 1.14077 79.79 -0.01
GBP/USD 1.27012 88.84 0.10
USD/JPY 110.376 0.63 -0.33
SEK/INR 9.0505 7.7283 -0.0006
DKK/INR 6.2437 11.2025 0.0325
AUD/USD 1.4197 49.25 -0.31
1M 2.50563 -0.40771  
3M 2.81344 -0.35529  
6M 2.89375 -0.30871  
1Y 3.04788 -0.184  
Index Today % Change
NIFTY 10570.25 -0.87
SENSEX 35153.68 -0.89
BANK NIFTY 26473.3 -0.9
SGX NIFTY 9347.5 0.33
NIKKEI 19155.74 -5.01
HANG SENG 25651.38 -0.4
SHANGHAI 2504.3297 -0.02
ASX200 5493.8 0.48
DOW JONES 21792.2 -2.91
S&P500 # 2351.1 -2.71
NASDAQ # 5899.355 0
Key Events of the Day
Date Time Currency Event Forecast Previous

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