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India Bonds Rise This FY As OMOs, Rate Cut Outweigh Fiscal Woes

29 March 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.15 against 69.34 at the previous close. The local unit moved in 69.0450-69.3150 per dollar band intra-day.
  • Indian government bonds ended higher in a choppy fiscal year, as record open market note purchases and a rate cut in the second half outweighed losses from foreign fund outflows, fiscal slippage fears and higher debt supply. The 10-year benchmark yield eased five basis points in this financial year, after jumping 74 basis points in the previous year. The yield traded in a wide 102 basis points range in the year. On monthly and quarterly basis, the yield fell by six basis points and two basis points, respectively.

Global Currency

  • The dollar was poised on Friday for its strongest gain in five months as investors responded positively to a bounce in U.S. Treasury yields and as some of its rivals were hit by dovish signals from their own central banks. The dollar held strong even as data overnight showed the U.S. economy slowed more than initially.
  • The euro on Friday was headed for its worst month since October, weighed down by fears about economic growth and cautious signals from the European Central Bank. Policymakers cut growth forecasts for the euro zone economy earlier this month and launched a new round of cheap loans to its banks. The euro EUR= was a tad higher at $1.1228 but remained down about 1.2 percent for the month.

Global Markets

  • Gold slipped on Friday and was headed for its worst month since August 2018 on a stronger dollar and equities, while palladium rose after three straight sessions of sharp declines, but was on course for its biggest weekly fall in more than three years.
  • Oil prices rose on Friday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.35 69.35 0.34
EUR/USD 1.12278 77.89 0.21
GBP/USD 1.31166 90.90 -0.63
USD/JPY 110.345 0.63 0.55
SEK/INR 9.3408 7.4244 -0.02
DKK/INR 6.178 11.2250 0.49
AUD/USD 1.4112 49.13 0.18
DXY 97.131 0.37
Index Today % Change
NIFTY 11570 1.09
SENSEX 38545.72 1.08
NIKKEI 21033.76 -1.61
HANG SENG 28775.21 0.16
SHANGHAI 2994.9434 -0.92
CAC# 5295.32 -0.11
FTSE # 7264.61 0.0042
DAX # 11424.24 0.05
Commodities Today % Change
GOLD # 1303.8174 -0.43
SILVER# 15.16 -0.56
BRENT # 66.95 -1.3
NYMEX # 58.53 -1.48
Today Today
OPEN 69.3150
HIGH 69.3150
LOW 69.0450
CLOSE 69.1500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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