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USD/INR down onshore and offshore on FII inflows, lower Brent

3 May 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.2150 against 69.36 at the previous close. The local unit moved in 69.20 -69.4150 per dollar band intra-day.
  • Dollar/rupee in both onshore and offshore markets traded down Friday afternoon on likely FII inflows into the local stocks amid lower Brent oil prices. Inflows were expected on account of Airtel rights issue too. One-month dollar non-deliverable forwards traded at Rs 69.56/$1, down from Rs 69.77/$1 at the start of Indian market and compared to 69.70/$1 at Thursday's spot closing time. The spot pair traded at Rs 69.21/$1 compared to its open of Rs 69.39/$1 and previous close of Rs 69.36/$1.

Global Currency

  • The dollar was trying to end the week with a firmer tone on Friday as markets scaled back bets on a U.S. rate cut and some speculated that looming jobs data could surprise on the high side. The dollar has edged higher since Fed Chair Jerome Powell played down the recent slowing in inflation and saw no reason to cut interest rates
  • The euro petered out on Friday with political uncertainty and the threat of economic decline in Europe pulling the currency down against the dollar. Euro zone manufacturing surveys released on Thursday showed further contraction in April. The threat of U.S. tariffs on European automobiles and upcoming European elections have also weighed on the currency.

Global Markets

  • Gold was steady on Friday as the market awaited U.S. non-farm payrolls data, but the metal was headed for its biggest weekly decline since the end of March as the dollar gained after the U.S. central bank doused expectations of a near-term rate cut.
  • Oil prices were on track for sharp weekly declines on Friday as surging U.S. output countered production losses in sanctions-hit Iran and Venezuela. Brent crude oil futures were at $70.47 a barrel.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.225 69.225 -0.27
EUR/USD 1.11511 77.18 -0.5
GBP/USD 1.29997 89.93 -0.56
USD/JPY 111.517 0.62 -0.31
SEK/INR 9.6092 7.2040 -0.0403
DKK/INR 6.167 11.2250 0.49
AUD/USD 1.4294 48.41 -0.27
DXY 97.40 -0.3
Index Today % Change
NIFTY 11712 -0.10
SENSEX 38963 -0.04
NIKKEI 22258.73 -0.22
HANG SENG 29699.11 -0.65
SHANGHAI 3078.3389 0.52
CAC# 5568.27 -0.23
FTSE # 7264.61 0.0042
DAX # 12331.75 0.03
Commodities Today % Change
GOLD # 1285.8398 0.49
SILVER# 14.925 0.55
BRENT # 73.04 1.39
NYMEX # 64.43 1.46
Today Today
OPEN 69.3900
HIGH 69.4150
LOW 69.2000
CLOSE 69.2150

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
3-05-2019 14.00 GBP Services PMI (Apr) 50.4 50.4 48.9
3-05-2019 14.30 EUR CPI (YoY) (Apr)) 1.7% 1.6% 1.4%

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