India Rupee Up As US-China Talks Eyed; Heads For Best Month In 4

29 March 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 69.24 pair now at 69.06 against 69.32 previous close.
• Pair to tip in 68.95-69.35 range today.
• The Indian rupee rose against the dollar in early trade, as slowerthan- expected U.S. growth data and progress in trade talks between U.S. and China boosted appetite for risk assets. Positive sentiment in the global markets will support the rupee. Dollar inflows for fiscal year-end settlements will further add gains to the local unit. However, month-end demand for the greenback from importers and caution ahead of domestic data.

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 was 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 thought in the fourth quarter of last year.
• The euro was a tad higher at $1.1228 but remained down about 1.2 percent for the month in the wake of sliding yields and fears of a prolonged economic slowdown hitting the euro zone. European Central Bank will introduce a tiered deposit rate, providing a sign that policymakers plan to keep interest rates low for longer.

Global Markets

• Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.
• Gold inched up on Friday, but was on track for its first weekly decline in four weeks after posting its steepest fall in more than seven months in the previous session on a strong dollar. U.S. gold futures GCv1 were flat at $1,290 an ounce.

Global Markets at one Glance

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