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India Rupee Gains As Dollar Weakens Before Fed Meet

28 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.00 pair now at 71.07 against 71.1750 previous close.
  • Pair to tip in 70.80-71.20 range today.
  • The Indian rupee rose against the dollar in early trade, in line with most Asian currencies amid broad weakness in the greenback, as investors await the Federal Reserve meeting outcome due this week. Investors are expecting a dovish Fed policy, which has weighed on the dollar and lifted the emerging market currencies, while risk appetite also rebounded after U.S. government shutdown ended.

Global Currency

  • The dollar eased versus most of its peers on Monday as investors turned their attention to this week's Federal Reserve policy meeting, with traders wagering policymakers will signal a pause in their tightening cycle. The Federal Open Market Committee meets between Jan 29-30, and Chairman Jerome Powell is widely expected to acknowledge growing risks to the U.S. economy as global momentum weakens. The Fed will most likely keep rates steady this year given the state of economic growth outside the U.S.
  • Sterling GBP= was up modestly, holding above the key psychological level of $1.32. The cable gained 2.5 percent last week after a report in the Sun newspaper that Northern Ireland's Democratic Unionist Party had privately decided to offer conditional backing for British Prime Minister Theresa May's Brexit deal this week.

Global Markets

  • Oil prices fell on Monday after U.S. energy firms added rigs for the first time this year in a sign that crude production there will rise further.
  • Gold slipped on Monday as a deal to reopen the US government dented safe-haven demand, but prices hovered above the key $1,300-level on hopes the US Federal Reserve will keep interest rates unchanged this week.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.07 71.08 0.26
EUR/USD 1.1421 81.17 0.35
GBP/USD 1.3204 93.83 0.28
USD/JPY 109.4 0.65 0.38
SEK/INR 9.0330 7.8678 0.034
DKK/INR 6.3441 11.2025 0.0325
AUD/USD 1.388 51.19 0.26
1M 2.5 -0.42014  
3M 2.75163 -0.33357  
6M 2.83225 -0.29129  
1Y 3.0315 -0.17443  
Index Today % Change
NIFTY 10721.7 -0.55
SENSEX 35858.13 -0.46
BANK NIFTY 26879.5 -0.87
SGX NIFTY 9347.5 0.33
NIKKEI 20773.56 0.97
HANG SENG 27684.23 0.42
SHANGHAI 2610.1416 0.32
ASX200 5905.6 0.68
DOW JONES 24737.2 0.75
S&P500 # 2664.76 0.85
NASDAQ # 6787.371 1.27
Key Events of the Day
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