The rupee settled at 68.7450 against 69.15 at the previous close. The
local unit moved in 68.70-69.37 per dollar band intra-day.
The Indian rupee rose to an eight-month high against the dollar,
gaining for the third consecutive session, amid inflows into local
markets. We are seeing decent inflows in the domestic market
related to the initial public offers and some small quantum in
government debt,” said Ankur Jhaveri, co-head of multi asset trading
at Edelweiss Securities. Oil prices did not weigh on rupee today but
can prove negative in the future. Next trigger is the monetary policy
outcome, which has the potential to impact flows in the debt market.
The British pound is back at its highest levels in a week in early
trading in Europe on Wednesday after signs of a possible
breakthrough on Brexit. The pound was at $1.3186, up around 0.5%
from late Tuesday levels. The euro traded at 0.8505 pounds, down
some 0.3% from late on Tuesday.
The yuan rose 0.2 percent in offshore markets to 6.7115 CNH=EBS ,
with analysts citing both improved optimism about momentum in
the Chinese economy and the trade negotiations with the United
States. conclusion is that the trade talks this week is crucial – either a
deal can be done, or the negotiation will be extended again to June
Oil prices rose for a fourth day on Wednesday, pushing Brent
towards a nearly five-month high of $70 a barrel on OPEC-led supply
cuts and U.S. sanctions, but a surprise increase in American
inventories capped the gains.
Gold steadied on Wednesday, supported by a dip in the dollar, while
gains were capped by a rally in global stocks following reassuring
economic data from the United States and China.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
Services PMI (Mar)
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