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USD/INR opens up on weak risk-sentiment, ongoing US-China trade war tension

28 August 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.53 pair now at 71.52 against 71.48 previous close.
  • Pair to tip in 71.35-71.65 range today.
  • Dollar/rupee opened higher Wednesday tracking the ongoing US-china trade war tension dampening market sentiments, amid a strong dollar. Risk sentiments are weak due to the ongoing US-China trade war. Also, dollar is strong. Contradictory comments from US and China over resolving differences again pinched risk-sentiments and trade war tension persisted. US President Donald Trump said Chinese officials contacted US trade negotiators overnight and offered to return to the negotiating table, easing risk sentiments.

Global Currency

  • Pressure was back on the dollar on Wednesday, as nagging fears the Sino-U.S. trade war will drag on and severely hurt economic growth led to yet another slide in U.S. bond yields. The greenback started on a shaky footing this week, but then recovered as safe-haven Treasury yields bounced from multi-year lows after U.S. President Donald Trump softened his tone against China and predicted the two countries would be able to reach a trade deal.
  • Sterling rallied on Tuesday after Britain's opposition Labour Party leader Jeremy Corbyn said he would do everything necessary to prevent Britain leaving the European Union without a divorce deal. The pound traded near a one-month high of $1.2310 GBP=D4 scaled overnight.

Global Markets

  • Oil prices rose on Wednesday, with U.S. crude gaining 1% after an inventory report showed U.S. stockpiles fell more than expected, helping ease worries about economic growth due to the Sino-U.S. trade war.
  • Gold prices held steady on Wednesday, trading close to a more than six-year high on fears of an economic slowdown amid a protracted Sino-U.S. trade conflict, boosting appetite for the safe-haven metal.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.525 71.535 -0.01
EUR/USD 1.10857 79.30 -0.08
GBP/USD 1.2272 87.74 -0.16
USD/JPY 105.838 0.68 -0.12
SEK/INR 9.6898 7.3815 -0.0142
DKK/INR 6.3847 11.2025 0.0325
AUD/USD 1.4838 48.20 -0.25
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 11105.30 0.43
SENSEX 37641.30 0.39
BANK NIFTY 28028.60 0.35
SGX NIFTY 11111.00 0.01
NIKKEI 20485.00 0.14
HANG SENG 25671.00 0.03
SHANGHAI 2892.82 -0.32
ASX200 6491.30 0.31
DOW JONES 25777.90 -0.47
S&P500 # 2869.16 -0.32
NASDAQ # 7826.95 -0.34
Key Events of the Day
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