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Indian Rupee At 2-Wk Low As Trade War Fears Hurt Risk Appetite

30 October 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 73.6750 against 73.44 at the previous close. The local unit moved in 73.52-73.70 per dollar band intra-day.
  • The Indian rupee fell to a two-week low against the dollar, as investors’ appetite for risk assets took a hit amid renewed concerns over U.S. and China trade war and broad dollar strength. The pressure on the rupee somewhat heightened towards the end of the session tracking a plunge in euro on weaker-than-expected GDP numbers. The rupee was already under pressure amid strong dollar index and some month-end related greenback demand today.

Global Currency

  • The dollar rose to near 10-week highs against a currency basket on Tuesday as heightened trade tensions exacerbated fears of a slowdown in global economic growth, bolstering safe haven demand. The dollar continued to be underpinned after Bloomberg reported that the Trump administration is preparing to announce tariffs on all Chinese imports by early December if talks next month fail to ease the trade conflict between Washington and Beijing.
  • The euro was a touch lower at $1.1369 EUR= , after reaching a 10-week low of $1.1332 on Monday when German Chancellor Angela Merkel said would not seek re-election as head of the Christian Democrats party.

Global Markets

  • Oil prices fell on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.
  • Gold prices fell on Tuesday as the U.S. dollar firmed on renewed fears of an intensification in the Sino-U.S. trade war and worries over slowing global economic growth. Spot gold was down 0.4 percent at 1,224.80 an ounce at 0721 GMT. U.S. gold futures GCcv1 were down 0.1 percent at 1,226.30 an ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 72.6750 0.38
EUR/USD 1.1349 83.64 0.01
GBP/USD 1.27423 93.86 -0.12
USD/JPY 112.91 0.65 -0.08
SEK/INR 8.9816 8.0576 -0.0082
DKK/INR 6.447 11.2250 0.49
AUD/USD 1.4096 52.28 0.38
DXY 96.93 0.36
Index Today % Change
NIFTY 10198.4 -0.51
SENSEX 33891.13 -0.52
NIKKEI 21457.29 1.45
HANG SENG 24585.53 -0.91
SHANGHAI 2568.0481 1.02
CAC# 4978.36 -0.22
FTSE # 7264.61 0.0042
DAX # 11308.09 -0.24
Commodities Today % Change
GOLD # 1221.3 -0.65
SILVER# 14.375 -0.08
BRENT # 76.61 -0.94
NYMEX # 66.51 -0.79
Today Today
OPEN 73.5500
HIGH 73.7000
LOW 73.5200
CLOSE 73.6750

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
30-10-2018 14.25 EUR German Unemployment Change(Oct) -11K -12K -23K

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