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India Rupee Gains On Broad Dollar Weakness; Fed, Budget In Focus

28 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.10 against 71.1750 at the previous close. The local unit moved in 70.98-71.1850 per dollar band intra-day.
  • Pair to tip in 70.90-71.20 range today.
  • The Indian rupee rose against the dollar, tracking broad weakness in the U.S currency ahead of the Federal Reserve’s policy review and interim budget at home later this week. Rupee’s strength is primarily because of the dollar weakness but it could not keep most of the gains as lower local equities put pressure on the unit. Soft oil prices also aided sentiments. In coming days, rupee may see some depreciation as worries over domestic fiscal position and weak local equities can further drag.

Global Currency

  • The dollar rose slightly against the euro in early trading in Europe Monday after a dismal survey from the respected German research institute Ifo. The institute said export expectations in the euro zone's largest economy slumped in January, less than a week after its widely-followed business confidence index for Germany fell to its lowest in two and a half years.
  • The euro edged down on Monday as investors bought the dollar and prepared for volatile markets ahead of U.S.-China trade talks and a Federal Reserve policy decision. Investors are focused on Wednesday's Fed meeting when policymakers are expected to signal a pause in their tightening cycle and to acknowledge growing risks to the U.S. economy.

Global Markets

  • Oil fell 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest gain in the month of January for 14 years
  • Gold jumped sharply on Friday, and has kept its bid today, after news hit the market that the Fed officials have been discussing ending the current balance sheet reduction program shortly.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.11 71.11 0.3
EUR/USD 1.14119 81.17 0.35
GBP/USD 1.31517 93.47 -0.11
USD/JPY 109.455 0.65 0.37
SEK/INR 9.0636 7.8457 0.0119
DKK/INR 6.335 11.2025 0.49
AUD/USD 1.3931 51.02 0.12
DXY 95.771 -0.02
Index Today % Change
NIFTY 10661.55 -1.1
SENSEX 35656.7 -1.02
NIKKEI 20649 -0.6
HANG SENG 27576.96 0.03
SHANGHAI 2596.9767 -0.18
CAC# 4905.66 0.41
FTSE # 7264.61 0.0042
DAX # 11254.23 -0.24
Commodities Today % Change
GOLD # 1300.23 -0.22
SILVER# 15.639 0
BRENT # 60.67 -1.57
NYMEX # 52.77 -1.71
Today Today
OPEN 71.0000
HIGH 71.1850
LOW 70.9800
CLOSE 71.1000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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