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India Rupee Steady As Investors Await Fed Policy, Budget

26 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.11 against 71.10 at the previous close. The local unit moved in 71.0350-71.21 per dollar band intra-day.
  • The Indian rupee was little changed against the dollar amid thin trade, as most investors stayed on sidelines ahead of the Federal Reserve’s two-day monetary policy meet and the interim budget at home later this week. Rupee’s move suggests that consolidation in the currency is expected to continue till budget. With the local equity market being under pressure, any positive impact of crude oil prices is been offset as fear of fund outweigh weighed. The immediate focus is the Fed meet outcome and any development on the fiscal front that can have implications in the future.

Global Currency

  • The dollar held near a two-week low on Tuesday as growing concern over the trade conflict between the United States and China heightened the safe-haven appeal of the Japanese yen and the Swiss franc. The United States on Monday announced criminal charges against China's Huawei Technologies Co Ltd, escalating a fight with the world's biggest telecommunications equipment maker.
  • Sterling edged lower before crucial votes later in the day in the British parliament that are aimed at breaking the Brexit deadlock. The British currency has rallied 6 percent from Jan. 4 lows, but further gains may be limited unless lawmakers emerge with a big majority on the votes

Global Markets

  • Oil prices rose on Tuesday after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a move that may curb the OPEC member's crude exports, but price rises were capped by ample global supply and signs of a slowing Asian economy.
  • Gold trades at its highest level since 14 June 2018 ForexLive Buyers are threatening a real break but may have to wait for the Fed meeting tomorrow before we see the next leg higher.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.12 71.12 0.08
EUR/USD 1.14347 81.35 0.1
GBP/USD 1.31578 93.53 0.09
USD/JPY 109.448 0.65 -0.06
SEK/INR 9.0578 7.8518 -0.0008
DKK/INR 6.336 11.2250 0.49
AUD/USD 1.3957 50.96 0.09
DXY 95.749 0
Index Today % Change
NIFTY 10652.2 -0.09
SENSEX 35592.5 -0.18
NIKKEI 20664.64 0.08
HANG SENG 27531.68 -0.16
SHANGHAI 2594.2536 -0.1
CAC# 4920.69 0.66
FTSE # 7264.61 0.0042
DAX # 11222.33 0.11
Commodities Today % Change
GOLD # 1307.41 0.3
SILVER# 15.709 0
BRENT # 60.49 0.93
NYMEX # 52.45 0.88
Today Today
OPEN 71.1400
HIGH 71.2100
LOW 71.0350
CLOSE 71.1100

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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