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USD/INR opens down on signs of easing US-China trade tension

30 August 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.78 pair now at 71.66 against 71.80 previous close.
  • Pair to tip in 71.50-71.90 range today.
  • Dollar/rupee opened lower Friday as easing Sino-US trade tension brought relief to risk sentiments, weighing down safe haven dollar demand. Chinese spokesman said it won't retaliate US tariffs immediately and indicated that both countries are in effective communication and are willing to return to negotiation table. Risk sentiments improved after this news. The spot pair traded at Rs 71.69/$1 after opening at Rs 71.77/$1 Friday.

Global Currency

  • The dollar held firm against the yen on Friday, as comments from Beijing sparked renewed hopes that China and the United States could get full-fledged negotiations back on track to resolve their protracted trade dispute. The U.S. currency was also supported by investors' month-end rebalancing needs, which has helped lift the dollar index to its highest level in a month.
  • The euro was little changed at $1.1058 EUR= , having hit a four-week low of $1.1042 in the previous session, hurt by a sluggish euro zone economy and likely monetary easing from the European Central Bank (ECB) next month. Boris Johnson suspended parliament for more than a month to dodge a possible no-confidence vote and take Britain out of the European Union on the Oct. 31 deadline.

Global Markets

  • Oil took a breather on Friday after three days of solid gains, but was set for its strongest week since early July, boosted by a decline in U.S inventories and a looming hurricane in Florida, while new signs of trade talks emerged.
  • Gold prices dipped on Friday as the US and China indicated they may resume talks to resolve their protracted trade conflict, putting the metal on track for a small weekly loss despite a strong month.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.672 71.6825 -0.01
EUR/USD 1.10441 79.16 -0.16
GBP/USD 1.21771 87.26 -0.04
USD/JPY 106.476 0.67 0.05
SEK/INR 9.7929 7.3188 -0.0139
DKK/INR 6.3979 11.2025 0.0325
AUD/USD 1.4884 48.12 -0.11
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 11987 0.36
SENSEX 37222 0.41
BANK NIFTY 27407 0.38
SGX NIFTY 11994 -0.13
NIKKEI 20717 1.26
HANG SENG 25869 0.65
SHANGHAI 2979 -0.33
ASX200 6491.30 0.31
DOW JONES 26445 0.25
S&P500 # 2933 0.22
NASDAQ # 7728 0.22
Key Events of the Day
Date Time Currency Event Forecast Previous
30/08/2019 14.30 EUR CPI (YoY) (Aug) 1.0% 1.0%

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