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India Rupee Gains As Powell Comments Weigh On Dollar

27 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.11 pair now at 70.9850 against 70.0625 previous close.
  • Pair to tip in 70.90-71.20 range today.
  • The Indian rupee edged higher against the dollar amid thin trading volumes, as the dollar index declined to a three-week low following Federal Reserve Chair Jerome Powell’s reiteration that a patient approach to monetary policy was warranted. Rupee has received some support from the weakness in the dollar. However, ongoing geopolitical worries and higher crude prices prompted traders to build long-dollar positions.

Global Currency

  • The dollar languished near three-week lows on Wednesday as a reaffirmation of a patient stance by Federal Reserve Chairman Jerome Powell and a newly resurgent pound kept U.S. currency bears in firm control. The dollar index against a basket of six major currencies stood at 96.113 .DXY after shedding 0.4 percent overnight, when it stooped to 95.948, its lowest since Feb. 5.
  • Sterling had 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 chaotic no-deal departure from the European Union. Pound was little changed at $1.1348 GBP=D3 after surging more than 1 percent overnight to a five-month peak of $1.3288.

Global Markets

  • Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump. Brent crude futures were at $65.55 per barrel.
  • Gold prices were steady on Wednesday as the dollar stood near a three-week low after the Federal Reserve's chairman reiterated the U.S. central bank would stay patient on further interest rate hikes.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.1575 71.1675 0.48
EUR/USD 1.13624 80.84 0.47
GBP/USD 1.3137 93.48 0.63
USD/JPY 110.799 0.64 0.73
SEK/INR 9.3122 7.6413 0.0361
DKK/INR 6.3519 11.2025 0.0325
AUD/USD 1.3968 0.43
1M 2.48438 -0.413  
3M 2.64625 -0.33643  
6M 2.706 -0.292  
1Y 2.89163 -0.16114  
Index Today % Change
NIFTY 10745.3 -1.24
SENSEX 35774.42 -1.21
BANK NIFTY 26775.9 -1.41
SGX NIFTY 10747 -1.35
NIKKEI 21528.23 0.48
HANG SENG 28810.62 -0.51
SHANGHAI 2973.7059 0.42
ASX200 6114 -1.17
DOW JONES 26091.95 0.23
S&P500 # 2796.11 0.12
NASDAQ # 7115.426 0.35
Key Events of the Day
Date Time Currency Event Forecast Previous
27/02/2019 20.30 USD Pending Home Sales (MoM) (Jan) 0.8% -2.2%
27/02/2019 21.00 USD Crude Oil Inventories 2.842M 3.672M

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