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India Rupee Gains As Foreign Banks Step Up Dollar Sales

28 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.26 pair now at 71.12 against 71.22 previous close.
  • Pair to tip in 71.00-71.35 range today.
  • The Indian rupee edged higher against the dollar in early trade, as foreign banks stepped up greenback sales on behalf of their corporate clients. However, lingering concerns over geopolitical risks amid tensions between India and Pakistan will keep further gains limited. Dollar sales by a private bank and a German and an American lender, likely on behalf of their corporate clients ahead of the month‐end, lifted the rupee

Global Currency

  • The dollar held above a three‐week low on Thursday as investors remained cautious amid uncertainty over the progress in U.S.‐China trade talks, while sterling rallied on bets that the chance of a no‐deal Brexit was shrinking. The dollar index against a basket of six major rivals last traded a shade lower at 96.085 .It had edged up nearly 0.2 percent for the first time in four days overnight, after brushing a three‐week low of 95.883 earlier in that session.
  • The pound was flat at $1.3311 GBP=D4 . It had climbed as high as $1.3351 overnight, ending the session almost half a percent higher and moving further above its 200‐day moving average. Sterling has risen about 1.5 percent against the dollar so far this month, adding to a 2.8‐percent gain booked in January.

Global Markets

  • Oil prices dipped on Thursday, dragged down by weakening factory output in China and Japan and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC.
  • Gold prices on Thursday held near two‐week lows touched in the previous session, as the dollar recouped losses after cautious comments from U.S. Trade Representative Robert Lighthizer dented investors' hopes for a closure to the tariff war with China.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.134 71.15 -0.08
EUR/USD 1.13764 80.93 -0.06
GBP/USD 1.33032 94.64 -0.10
USD/JPY 110.892 0.64 -0.06
SEK/INR 9.2678 7.6754 -0.002
DKK/INR 6.3498 11.2025 0.0325
AUD/USD 1.3995 50.83 -0.12
1M 2.493 -0.41129  
3M 2.62888 -0.33671  
6M 2.687 -0.29529  
1Y 2.87825 -0.15943  
Index Today % Change
NIFTY 10829.15 0.21
SENSEX 36002.98 0.27
BANK NIFTY 26871.65 0.27
SGX NIFTY 10818 0.33
NIKKEI 21556.51 0.50
HANG SENG 28785.57 0.1
SHANGHAI 2943.4197 -0.35
ASX200 6160.9 0.17
DOW JONES 25985.16 -0.28
S&P500 # 2792.38 -0.05
NASDAQ # 7117.005 -0.09
Key Events of the Day
Date Time Currency Event Forecast Previous
28/02/2019 19.00 USD GDP (QoQ) (Q4) 2.6% 3.4%

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