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Indian Rupee Up For 2nd Week As Shares Rebound, Crude Prices Fall

28 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 69.94 against 70.35 at the previous close. The local unit moved in 69.90‐70.1175 per dollar band intra-day.
  • The Indian rupee rose for a second straight week against the dollar in a holiday‐truncated week, tracking strength in regional and local shares amid volatile crude oil prices. Recovery led by Wall Street helped global risk‐on rally, supporting the rupee. However, demand for the dollar/rupee pair erupted below 70 levels by state‐run lenders, The US shutdown has been the main event being watched by the world. Trader will focus on trade talk between U.S. and China,

Global Currency

  • The yen and the Swiss franc rose on Friday, as investors sought shelter in safe‐haven assets due to renewed U.S.‐China trade tensions and weaker‐than‐expected data in those two economies that revived global growth fears.
  • The dollar index a gauge of its value versus six major peers, fell by around 0.15 percent to 96.34, after losing 0.5 percent overnight. Data also showed consumer confidence at its weakest in more than three years in the United States, as well as an unexpected drop in industrial profits in China, a stark reminder for investors of the deteriorating global growth outlook.

Global Markets

  • Oil prices rebounded on Friday, clawing back some of the ground lost this week, but remained close to their lowest levels in more than a year as rising U.S. inventories and concern over global economic growth kept markets under pressure. U.S. light crude CLc1 was up 1.20, or 2.7 percent, at $45.81, after rising 3.6 percent in early trade.
  • Gold held steady in thin trade after scaling a six‐month peak on Friday, supported by a softer dollar, worries over global economic growth and tumultuous stock markets, propelling bullion to a second week of gains. Spot gold XAU= rose 0.2 percent to $1,277.23 per ounce as of 1025 GMT, and was up 1.7 percent so far this week.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.94 69.96 -0.21
EUR/USD 1.1466 80.25 0.02
GBP/USD 1.26942 88.77 0.26
USD/JPY 110.28 0.63 0.29
SEK/INR 8.9446 7.8215
DKK/INR 6.233 11.2250 0.49
AUD/USD 1.4151 49.45
DXY 96.194 -0.3
Index Today % Change
NIFTY 10859.9 0.74
SENSEX 36076.72 0.75
NIKKEI 20014.77 -0.31
HANG SENG 25504.2 0.1
SHANGHAI 2493.8962 0.44
CAC# 4689.92 1.99
FTSE # 7264.61 0.0042
DAX # 10582.1 1.93
Commodities Today % Change
GOLD # 1278.59 0.27
SILVER# 15.25 0.31
BRENT # 52.87 1.36
NYMEX # 45.57 2.15
Today Today
OPEN 70.0500
HIGH 70.1175
LOW 69.9400
CLOSE 69.94

Key Events of the Day

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