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India Rupee Snaps 2-Day Rise As Indo-Pak Tensions Escalate

26 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.0625 against 70.97 at the previous close. The local unit moved in 70.99 -71.3450 per dollar band intra-day.
  • The Indian rupee fell for the first time in three sessions against the dollar, as India’s air strikes against a terrorist training camp in Pakistan territory escalated geopolitical tensions. The geopolitical risk is something that will be watched. In case Pakistan does not retaliate, the concerns will die down. However, in case of any retaliation, there can be depreciation in the rupee. We will be on wait-and-watch mode on the rupee until general elections and the movement will largely depend on various factors including foreign fund flows.

Global Currency

  • The dollar held near a one-week low against its rivals on Tuesday as currency markets waited for testimony from Fed Chairman Jerome Powell that might give a further boost to risk appetite. Risky assets had a strong start to the week with the Chinese currency hitting a seven-month high on Monday after U.S. President Trump confirmed he would delay a planned hike in tariffs on Chinese imports.
  • Sterling soared past $1.32 on Tuesday to its highest level since October following reports that British Prime Minister Theresa May will rule out a no-deal Brexit. May will propose to her cabinet of senior ministers on Tuesday that she formally rules out leaving the European Union without a deal.

Global Markets

  • Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their policy of cutting production, despite renewed pressure from U.S. President Donald Trump.
  • Gold prices edged higher on Tuesday in Asia as traders await a batch of key U.S. economic data due later this week. Gold Futures for April delivery was up $2.05, or 0.15%, to $1,331.55 a troy ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.08 71.08 0.27
EUR/USD 1.13627 80.73 0.33
GBP/USD 1.31954 93.67 0.83
USD/JPY 110.861 0.64 0.51
SEK/INR 9.3293 7.6190 0.0138
DKK/INR 6.332 11.2250 0.49
AUD/USD 1.399 50.78 0.06
DXY 96.342 -0.07
Index Today % Change
NIFTY 10835.3 -0.41
SENSEX 35973.71 -0.66
NIKKEI 21449.39 -0.37
HANG SENG 28772.06 -0.65
SHANGHAI 2941.5163 -0.67
CAC# 5211.82 -0.38
FTSE # 7264.61 0.0042
DAX # 11475.3 -0.26
Commodities Today % Change
GOLD # 1325.11 -0.15
SILVER# 15.825 0
BRENT # 64.99 0.36
NYMEX # 55.29 -0.34
Today Today
OPEN 71.2600
HIGH 71.3450
LOW 70.9900
CLOSE 70.0625

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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