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USD/INR ends down on likely FPI inflows into local debt

29 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.73 against 68.8975 at the previous close. The local unit moved in 68.72-68.9550 per dollar band intra-day.
  • Dollar/rupee ended down Monday on selling by foreign banks amid likely overseas inflows into local government debt. Foreign banks including Standard Chartered Bank sold dollars today. Some FPI inflows related to local government securities supported local currency demand today. Local government bonds ended higher after Finance Minister Nirmala Sitharaman said the government does not hold any second thought about issue of foreign currency overseas sovereign bonds.

Global Currency

  • The dollar held near a two month-high on Monday ahead of what is expected to be the first U.S. interest rate cut since the financial crisis, while Britain's rising Brexit risks slugged the pound to a fresh 28-month low. Most major currencies were keeping moves small ahead of Wednesday's expected 25 basis point cut by the Federal Reserve, but there was at least some action to fill the void.
  • The U.S. currency also got a minor boost from White House economic adviser Larry Kudlow, who said on Friday that the Trump administration has "ruled out" intervening in markets to lower the U.S. dollar's value. dollar stayed around 108.60 yen due largely to month-end selling by Japanese exporters. It had hit a two-week peak of 108.83 yen on Friday.

Global Markets

  • Oil prices weakened on Monday amid pessimism over U.S.-China trade talks and the prospect of slower economic growth globally that could reduce demand for crude. Brent crude futures LCOc1 were down 33 cents at $63.13 a barrel. Prices rose 1.6% last week.
  • Gold was little changed on Monday as caution set in ahead of this week's U.S. Federal Reserve meeting, with investors likely to look beyond an expected rate cut to the central bank's guidance on monetary policy for the rest of the year.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.74 68.74 -0.2
EUR/USD 1.11175 76.41 -0.33
GBP/USD 1.23039 84.54 -0.84
USD/JPY 108.65 0.63 -0.2
SEK/INR 9.5122 7.2265 -0.022
DKK/INR 6.124 11.2250 0.49
AUD/USD 1.4484 47.45 -0.22
DXY 97.83 0.66
Index Today % Change
NIFTY 11189 -0.84
SENSEX 37686 -0.52
NIKKEI 21658 0.45
HANG SENG 28602 0
SHANGHAI 2915.30 -0.44
CAC# 5606 0.52
FTSE # 7675 1.66
DAX # 12437 0.15
Commodities Today % Change
GOLD # 1419 0.02
SILVER# 16.41 0.10
BRENT # 63.24 -0.21
NYMEX # 56.24 0.07
Today Today
OPEN 68.9500
HIGH 68.9550
LOW 68.7200
CLOSE 68.7300

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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