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India Rupee Steady As Likely Custodian Inflows Offset Weak Shares

3 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.19 against 70.17 at the previous close. The local unit moved in 70.0350-70.5250 per dollar band intra‐day.
  • The Indian rupee was little changed against the dollar, as foreign banks stepped up greenback sales likely for their custodian clients, trimming early losses triggered from global risk aversion that weighed on equities. The rupee has been dragged lower by a set of negative news in the global markets, including concerns on slowdown in global economic growth, which has made outlook for regional assets bleak. However, some bunched‐up dollar inflows as global markets reopened after New Year holidays and some custodian inflows with foreign banks helped the rupee to recover early losses.

Global Currency

  • The yen surged on Thursday as investors scrambled into the perceived safety of the Japanese currency after a shock revenue warning from Apple (NASDAQ:AAPL) exacerbated concerns about a Chinese and broader global economic slowdown. The yen at one point was 4.4 percent stronger versus the dollar after a flurry of automated orders triggered a 'flash crash' in thin Asian markets. It later stabilised but the yen remains on course for its biggest one‐day rise in 20 months.
  • The dollar was down 0.3 percent against a basket of its rivals .DXY at 96.559 while the euro EUR=EBS rose 0.2 percent to $1.1368.

Global Markets

  • Oil prices fell slightly on Thursday amid volatile currency and stock markets, coupled with concerns that an economic slowdown in 2019 will curb fuel demand just as crude supplies are surging.
  • Gold prices scaled a more than six‐month peak on Thursday as fears of a global economic slowdown embellished safe-haven demand for bullion, with a weaker dollar adding further support. U.S. gold futures GCv1 traded up 0.5 percent at $1,289.90.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.2 70.2 0.24
EUR/USD 1.13517 79.65
GBP/USD 1.2559 88.14
USD/JPY 107.568 0.65 1.34
SEK/INR 9.0684 7.7412
DKK/INR 6.254 11.2250 0.49
AUD/USD 1.4372 48.82
DXY 96.635 -0.19
Index Today % Change
NIFTY 10672.25 -1.11
SENSEX 35513.71 -1.05
NIKKEI 20014.77 -0.31
HANG SENG 25064.36 -0.26
SHANGHAI 2464.3628 -0.04
CAC# 4623.86 -1.4
FTSE # 7264.61 0.0042
DAX # 10423.44 -1.48
Commodities Today % Change
GOLD # 1287.46 0.21
SILVER# 15.542 0
BRENT # 55.34 0.78
NYMEX # 46.51 -0.06
Today Today
OPEN 70.2900
HIGH 70.5250
LOW 70.0350
CLOSE 70.1900

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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