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USD/INR ends up on likely FII outflows from local stocks, higher crude oil prices

30 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.86 against 68.73 at the previous close. The local unit moved in 68.66-68.8750 per dollar band intra-day.
  • Dollar/rupee ended up Tuesday on likely overseas outflows from local stocks, while rising crude oil prices and strong greenback ahead of the Federal Reserve policy aided further gains in spot. Foreign banks were on the buy-side, mostly on behalf of overseas investors who pulled out of local equities. Also, crude is nearly 1% up and dollar is strong ahead of the FOMC policy. Few nationalised banks bought dollars mostly on behalf of Reserve Bank of India.

Global Currency

  • The British pound hit new two-year lows on Tuesday as the refusal of either the U.K. or the European Union to change its negotiation positions increased the likelihood of a disruptive Brexit on October 31. The pound had recovered marginally to stand at $1.2141 against the dollar and 1.0902 against the euro, down 0.6% and 0.5% on the day, respectively.
  • The euro hovered on Tuesday around the 26-month low it reached last week against the dollar as investors awaited to see whether the Federal Reserve would signal the start of an interest rate-cutting cycle. Nearly three cuts are priced in the money markets by the end of this year.

Global Markets

  • Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel consumption in the world's biggest oil user.
  • Gold prices ticked down on Tuesday as the dollar rose to a two-month high, while investors awaited the outcome of a two-day U.S. Federal Reserve policy meeting expected to result in a cut in interest rates.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.87 68.87 0.07
EUR/USD 1.1152 76.76 0.15
GBP/USD 1.2178 83.79 -0.28
USD/JPY 108.5 0.63 0.34
SEK/INR 9.5535 7.2089 -0.0373
DKK/INR 6.135 11.2250 0.49
AUD/USD 1.4524 47.39 -0.05
DXY 97.84 0.05
Index Today % Change
NIFTY 11085 0.93
SENSEX 37397 -0.77
NIKKEI 21658 0.45
HANG SENG 28602 0
SHANGHAI 2915.30 -0.44
CAC# 5606 0.52
FTSE # 7686 0.00
DAX # 12188 -1.81
Commodities Today % Change
GOLD # 1428 0.58
SILVER# 16.49 0.32
BRENT # 64.22 0.94
NYMEX # 57.36 0.86
Today Today
OPEN 68.7500
HIGH 68.8750
LOW 68.6600
CLOSE 68.8600

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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