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USD/INR opens up on mo-end dlr demand, strong dlr

28 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.65 pair now at 69.4950 against 69.71 previous close.
  • Pair to tip in 69.50-69.80 range today.
  • Dollar/rupee opened higher Tuesday on buying by nationalised banks likely on behalf of oil importers for their month-end dollar payments. Brent climbed above $70 a barrel and the dollar is strong amid political turmoil in Eurozone. USD/INR opened at Rs 69.65/$1 compared to previous close of Rs 69.49/$1. It then traded between Rs 69.65/$1 and Rs 69.72/$1. Crude oil prices surged backed by ongoing supply cuts led by OPEC and further supported by supply constraints caused by the US sanctions on Iran and Venezuela.

Global Currency

  • The dollar rose against its major peers on Tuesday as investors awaited new trading catalysts after the European Union parliamentary elections showed a polarisation of the 28-member block.
  • The euro struggled following remarks by two officials from the currency bloc that the European Commission is likely to start disciplinary steps against Italy on June 5 over the country's rising debt and structural deficit levels, which break European Union rules. a basket of six peers, the dollar gained 0.2% to 97.804 .DXY , trading about 0.6% off a two-year high of 98.371 hit on Thursday. The index is still up 1.7% for the year.

Global Markets

  • Gold prices inched lower on Tuesday, dropping for the first time in four sessions, as the dollar rebounded from multi-week lows after the European Union parliamentary election results and amid simmering Sino-U.S. trade tensions.
  • Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.6725 69.68 0.27
EUR/USD 1.11822 777.91 0.13
GBP/USD 1.26737 88.30 0.26
USD/JPY 109.485 0.64 0.3
SEK/INR 9.5862 7.2680 0.0139
DKK/INR 6.2194 11.2025 0.0325
AUD/USD 1.4432 48.26 0.27
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11947.50 0.18
SENSEX 39757.59 0.19
BANK NIFTY 31665.40 0.07
SGX NIFTY 11934.50 0.09
NIKKEI 21279.30 0.46
HANG SENG 27384 -0.50
SHANGHAI 2918.12 0.89
ASX200 6486.20 0.53
DOW JONES 25685.90 0.14
S&P500 # 2837.28 0.20
NASDAQ # 7337.35 0.35
Key Events of the Day
Date Time Currency Event Forecast Previous
28-May-19 19.30 USD CB Consumer Confidence (May) 130.1 129.2

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