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Indian Rupee Rises Tracking Weak Dollar, Importers’ Bids Weigh

29 October 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 73.35 pair now at 73.35 against 73.4550 previous close.
  • Pair to tip in 73.10- 73.50 range today.
  • The Indian rupee rose against dollar in early trade, tracking broad weakness in the dollar as Wall Street extended losses despite upbeat U.S. third-quarter economic output data. Broad weakness in the dollar index and a bounce in local shares supported sentiment for the rupee. Foreign banks are currently on offers However, these gains are unlikely to sustain as there are buyers ahead of expiry due today and month-end dollar demand from importers.

Global Currency

  • The dollar edged higher against a basket of its key rivals on Monday, not far off a 10-week high hit after data showed U.S. economic growth slowed less than expected and as global risk sentiment remained fragile. The dollar has weakened 2.3 percent against the yen, which also acts as a safe haven in times of geopolitical turmoil, from a more than 11-month high of 114.55 yen reached on Oct. 4.
  • The euro EUR= dipped 0.1 percent to $1.1395 even as German Chancellor Angela Merkel's junior coalition partners gave her conservatives until next year to deliver more policy results. common currency has lost 1.8 percent this month on concerns over Italy's free-spending budget that would breach European Union fiscal rules.

Global Markets

  • Oil prices fell on Friday and were heading for a third weekly loss, pulled down as Saudi Arabia's OPEC governor said the market may become oversupplied soon and after a slump in global equities clouded the outlook for demand.
  • Precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks in the week ahead, after gold prices notched up a fourth week of gains, its longest winning streak since January.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 73.349 73.3575 0.35
EUR/USD 1.13942 83.57 0.22
GBP/USD 1.28366 94.15 0.40
USD/JPY 111.986 0.65 0.16
SEK/INR 9.1373 8.0274 0.0193
DKK/INR 6.5473 11.1991 -0.23
AUD/USD 1.4067 0.22
1M 2.29669 -0.40543  
3M 2.52038 -0.35486  
6M 2.77675 -0.32657  
1Y 33.05675 -0.20914  
Index Today % Change
NIFTY 10081.6 0.51
SENSEX 33498.87 0.45
BANK NIFTY 24565.6 0.59
SGX NIFTY 9347.5 0.33
NIKKEI 21184.6 -0.40
HANG SENG 24774.36 0.23
SHANGHAI 2557.6435 -1.59
ASX200 5728.2 1.11
DOW JONES 24688.31 -1.19
S&P500 # 2658.69 -1.73
NASDAQ # 6852.404 0
Key Events of the Day
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