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Indian Rupee At 1-Week Low On Importers’ Dollar Demand, Oil Surge

27 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 70.35 against 70.07 at the previous close. The local unit moved in 70.18‐70.3975 per dollar band intra-day.
  • The Indian rupee closed at an over one‐week low against the dollar, dragged down by importers’ greenback demand for month‐end payments and after an overnight spike in crude oil prices. Month‐end dollar demand from oil and other importers and a $5 surge in crude oil prices in a single session at a time when global sentiments remain fragile dragged the rupee lower in a subdued trade, increasing the volatility in recent sessions,

Global Currency

  • The dollar retained most of its overnight gains on Thursday but was off its peak for the week so far amid thin volumes, as signs of easing trade tensions and strong U.S. economic data sent Wall Street stocks and Treasury yields higher.
  • Sterling held above a three‐day low on Thursday as investors remained side‐lined awaiting another round of Brexit developments, as a broadly weaker dollar offered some support to the struggling British currency. The pound has performed well against the dollar after hitting 20‐month lows on Dec. 14, last week enjoying its best weekly performance since November, but any turn in sentiment still appears elusive.

Global Markets

  • Oil prices fell on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market rally offered support.
  • Gold rose on Thursday, trading near six‐month highs hit in the previous session, supported by a weaker dollar and buyers hedging against volatile stock markets. U.S. gold futures GCv1 rose 0.2 percent to $1,275.10 per ounce

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.36 70.36 0.26
EUR/USD 1.13935 80.15 0.61
GBP/USD 1.26299 88.80 0.22
USD/JPY 110.853 0.63 0.72
SEK/INR 9.0335 7.7888 0.0747
DKK/INR 6.268 11.2250 0.49
AUD/USD 1.4174 49.59 0.09
DXY 96.706 -0.35
Index Today % Change
NIFTY 10779.8 0.47
SENSEX 35807.28 0.44
NIKKEI 20077.62 3.88
HANG SENG 25478.88 -0.67
SHANGHAI 2483.0864 -0.61
CAC# 4627.57 0.03
FTSE # 7264.61 0.0042
DAX # 10459.7 -1.64
Commodities Today % Change
GOLD # 1271.1 0.33
SILVER# 15.004 0
BRENT # 53.63 -1.54
NYMEX # 45.56 -1.43
Today Today
OPEN 70.2025
HIGH 70.3975
LOW 70.1800
CLOSE 70.3500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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