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Indian Rupee Marks Worst Year In Five On Dollar Outflows

31 December 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 69.77 against 69.94 at the previous close. The local unit moved in 69.75-69.9350 per dollar band intra-day.
  • The Indian rupee, Asia’s worst performing unit this year against the dollar, logged its biggest annual decline in five years as higher crude oil prices and interest rate hikes by the U.S. Federal Reserve led to foreign fund outflows. The USD/INR pair volatility is expected to remain subdued compared to calendar year 2018. Heightened movements could be expected around 2019 elections. Fundamental factors such as global crude prices.

Global Currency

  • The dollar was broadly steady in thin year‐end trading on Monday with the Australian dollar AUD=D3 leading gainers as tensions over a trade dispute between the United States and China faded on expectations of progress in trade talks. The dollar has been relatively stable going into the end of 2018 despite falling U.S. Treasury yields.
  • The euro EUR was last quoted at $1.1440, flat versus the dollar. Although the single currency has gained versus the dollar in recent weeks, economic growth and inflation in Europe remain much weaker than the European Central Bank's expectations. The euro is set to lose nearly 5 percent versus the dollar in 2018.

Global Markets

  • Oil prices rose about 2 percent on the final day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.99 a barrel, up 66 cents, or 1.4 percent, from their last close. WTI also rose more than a $1 in early trade, reaching $46.38 a barrel.
  • Gold prices scaled a six‐month high on Monday but was poised for its first annual decline since 2015 after previous declines on higher interest rates and dollar strength from the Sino-U.S. trade conflict.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.78 69.78 -0.04
EUR/USD 1.14612 80.01 0.11
GBP/USD 1.2777 89.09 0.52
USD/JPY 109.888 0.63 0.23
SEK/INR 8.9357 7.8091
DKK/INR 6.216 11.2250 0.49
AUD/USD 1.4158 49.30
DXY 96.16 -0.25
Index Today % Change
NIFTY 10862.55 0.02
SENSEX 36068.33 -0.02
NIKKEI 20014.77 -0.31
HANG SENG 25845.7 1.34
SHANGHAI 2493.8962 0.44
CAC# 4724 0.97
FTSE # 7264.61 0.0042
DAX # 10558.96 0
Commodities Today % Change
GOLD # 1283.58 0.23
SILVER# 15.41 0.55
BRENT # 53.99 1.47
NYMEX # 45.82 1.08
Today Today
OPEN 69.8000
HIGH 69.9350
LOW 69.7500
CLOSE 69.7700

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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