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USD/INR ends down on likely FII inflows into local stocks, easing US-China trade tension

30 August 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.40 against 71.80 at the previous close. The local unit moved in 71.3750-71.8025 per dollar band intra-day.
  • Dollar/rupee ended down Friday on likely overseas inflows into local stocks, while easing Sino-US trade war tension further weighed on dollar demand. There were some FII inflows before the long weekend, more to do with the positioning. Also, risk-sentiments improved as US-China tension eased. Local stocks ended Friday's volatile session higher as investors hoped of further announcements by the Finance Minister Nirmala Sitharaman at a press conference scheduled later today amid positive global cues.

Global Currency

  • The dollar rose to its highest level in nearly a month in early trading on Friday, enjoying continued support from tentative signs of rapprochement in the trade war with China ahead of the long Labor Day weekend. The dollar made some of its strongest gains against the safe haven Swiss franc, which has also lost ground against the euro this week amid continued suggestions that the Swiss National Bank is quietly intervening to counteract the effect of safe haven inflows into the franc from investors spooked by the trade war.
  • The GBP/USD pair slipped 0.1% to 1.2183 as the looming prospect of a no-deal Brexit kept traders on edge. Prime Minister Boris Johnson decided earlier this week to suspend Britain's parliament for more than a month before Brexit.

Global Markets

  • Prices of the safe-haven gold traded lower on Friday in Asia after both China and the U.S. indicated that trade talks between the two sides may resume. Gold Futures for December delivery on the Comex division of the New York
  • Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.41 71.41 -0.37
EUR/USD 1.1038 78.86 -0.53
GBP/USD 1.2173 86.95 -0.40
USD/JPY 106.33 0.67 -0.18
SEK/INR 9.8184 7.2731 -0.0596
DKK/INR 6.362 11.2250 0.49
AUD/USD 1.4861 48.07 -0.4
DXY 98.48 0.04
Index Today % Change
NIFTY 11046 -0.53
SENSEX 37451 -0.50
NIKKEI 20479 0.11
HANG SENG 25640 -0.17
SHANGHAI 2897.43 +0.49
CAC# 5364 0.30
FTSE # 7081 0.21
DAX # 11632 -0.83
Commodities Today % Change
GOLD # 1534 -0.15
SILVER# 18.47 0.82
BRENT # 60.05 -0.73
NYMEX # 55.89 -1.46
Today Today
OPEN 71.7700
HIGH 71.8025
LOW 71.3750
CLOSE 71.4000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
30/08/2019 14.30 EUR CPI (YoY) (Aug) 1.0% 1.0% 1.0%

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