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India Rupee At 2-Wk Low As Global Growth Fears Spur Risk Aversion

3 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.29 pair now at 70.41 against 70.17 previous close.
  • Pair to tip in 70.15- 70.55 range today.
  • The Indian rupee fell to a two‐week low against the dollar in early trade, as lower sales guidance by iPhone maker Apple sparked global growth concerns, hurting appetite for risk assets. Risk‐off rally in the global markets on concerns over slowdown in global economic growth have boosted appetite for safe‐haven assets, which has remained a drag on the rupee in the new year, some profit booking in dollar is expected after a sharp rally. Investors will keep their positions light ahead of U.S. jobs data and comments from Fed Chair Powell due tomorrow.

Global Currency

  • The yen soared versus its peers on Thursday, breaking through key technical support levels as heightened global growth risks pushed investors into safe haven-assets in moves exacerbated by thin holiday volumes. Charging the risk averse mood was a rare revenue warning from Apple Inc AAPL.O , which added to worries about fading global demand.
  • The euro EUR= was slipped at $1.1340 in Asian trade. On Wednesday, the single currency fell 1 percent after data showed manufacturing activity contracted in Spain, France, Italy, and Germany.

Global Markets

  • Oil prices fell on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supply is rising globally. U.S. crude oil dropped by around 2 percent from their last settlement, or 93 cents, to $45.61.
  • Gold prices inched up on Thursday as a dip in Asian equities and worries about a sharp global economic slowdown propelled demand for safer investments.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.45 70.46 0.67
EUR/USD 1.1368 80.09 0.89
GBP/USD 1.25485 88.41 0.27
USD/JPY 107.077 0.66 2.19
SEK/INR 9.0094 7.8196 0.0639
DKK/INR 6.2888 11.2025 0.0325
AUD/USD 1.44 48.92 0.3
1M 2.50269 -0.409  
3M 2.80763 -0.35571  
6M 2.87563 -0.30329  
1Y 3.00544 -0.18271  
Index Today % Change
NIFTY 10804.5 0.11
SENSEX 35962.92 0.2
BANK NIFTY 27155.6 -0.07
SGX NIFTY 9347.5 0.33
NIKKEI 20014.77 -0.31
HANG SENG 25057.76 -0.29
SHANGHAI 2465.3615 0
ASX200 5633.4 1.36
DOW JONES 23346.24 0.08
S&P500 # 2510.03 0.13
NASDAQ # 6360.869 0.49
Key Events of the Day
Date Time Currency Event Forecast Previous
03-Jan-2019 15.00 GBP Construction PMI (Dec) 52.9 53.4
03-Jan-2019 18.45 USD ADP Nonfarm Employment Change (Dec) 179K 179K
03-Jan-2019 20.30 USD ISM Manufacturing PMI (Dec) 57.7 59.3

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