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India Rupee Falls Most In 2 Weeks As Indo-Pak Tensions Intensify

27 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.22 against 71.0625 at the previous close. The local unit moved in 70.9450 -71.48 per dollar band intra-day.
  • The Indian rupee logged its biggest single session fall in about two weeks against the dollar, as hostilities between India and Pakistan escalated, even as leading economies urged both countries to show restraint. The news flow proved to be negative for the currency and markets will closely watch for further development on the geopolitical front and whether there is more possibility of it to intensify. However, the losses were contained as participants are not carried away with the noise because it is largely believed that the situation does not warrant a big panic as of now.

Global Currency

  • The dollar and the yen edged up slightly on Wednesday following a rise in regional tensions after Pakistan said it shot down two Indian aircraft, buoying safe-haven units such as the U.S. and Japanese currencies. The dollar index against a basket of six major currencies was up 0.15 percent at 96.155 .DXY , trimming some of the previous day's losses.
  • The pound rallied on Tuesday after British Prime Minister Theresa May offered lawmakers the chance to vote on delaying Brexit, opening up the possibility of avoiding a no-deal Brexit. The British currency was trading near 21-month highs against the euro, with EUR/GBP down 0.24% to 0.8576.

Global Markets

  • Oil rose for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to prevent steeper price rises.
  • Gold held steady on Wednesday as the dollar traded near threeweek lows, after U.S. Federal Reserve Chairman Jerome Powell reiterated that the central bank will patient in hiking interest rates.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.23 71.23 0.35
EUR/USD 1.13956 81.23 0.4
GBP/USD 1.33231 94.95 0.92
USD/JPY 110.474 0.64 0.45
SEK/INR 9.2472 7.7029 0.055
DKK/INR 6.346 11.2250 0.49
AUD/USD 1.3951 51.08 0.57
DXY 95.925 -0.08
Index Today % Change
NIFTY 10806.65 -0.26
SENSEX 35905.43 -0.19
NIKKEI 21556.51 0.5
HANG SENG 28757.44 -0.05
SHANGHAI 2953.8242 0.42
CAC# 5226.45 -0.23
FTSE # 7264.61 0.0042
DAX # 11474.28 -0.58
Commodities Today % Change
GOLD # 326.56 -0.15
SILVER# 15.8 -0.2
BRENT # 66.03 1.26
NYMEX # 56.44 1.69
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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