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Indian Rupee Gains On U.S.-China Trade Deal Hopes

31 December 2018 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.80 pair now at 69.90 against 69.94 previous close.
  • Pair to tip in 69.60- 70.00 range today.
  • The Indian rupee rose to an over one‐week high against the dollar in thin early trade, as investor appetite for risk assets improved on positive comments by U.S. President Donald Trump on a possible trade deal with China. The Indian rupee was supported as regional shares gained after Trump’s optimistic comments on the U.S.-China trade deal overshadowed a sharp jump in crude prices.

Global Currency

  • The euro EUR= quoted at $1.1440, trading 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 around 4.5 percent versus the dollar in 2018.
  • The dollar traded narrowly against its peers on Monday, as risk sentiment remained fragile over heightened concerns of slowing global growth and a partial U.S. government shutdown. U.S. President Trump said on Sunday that he had a "long and very good call" with his Chinese counterpart Xi Jinping and that a possible trade deal between the United States and China was progressing well.

Global Markets

  • Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut. Brent crude futures - the international benchmark for oil prices ‐ rose 42 cents, or 0.8 percent, to $53.63 a barrel.
  • Gold prices fell slightly on Monday as Asian equities benefited from hints of progress on the long‐drawn China-U.S. trade spat, while the dollar held steady in a narrow range. U.S. gold futures dipped 0.1 percent to $1,282 per ounce.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.855 69.86 0.06
EUR/USD 1.14273 79.82 -0.13
GBP/USD 1.26868 88.62 -0.01
USD/JPY 110.402 0.63 -0.05
SEK/INR 8.9809 7.7782 -0.0069
DKK/INR 6.2357 11.2025 0.0325
AUD/USD 1.4163 49.31 0.26
1M 2.51988 -0.40814  
3M 2.797 -0.35829  
6M 2.87313 -0.30829  
1Y 3.01313 -0.18314  
Index Today % Change
NIFTY 10893.2 0.31
SENSEX 36161.04 0.23
BANK NIFTY 27186.5 0.23
SGX NIFTY 9347.5 0.33
NIKKEI 20014.77 -0.31
HANG SENG 25845.7 1.34
SHANGHAI 2493.8962 0.44
ASX200 5646.4 -0.14
DOW JONES 23062.4 -0.33
S&P500 # 2485.74 -0.12
NASDAQ # 6285.266 0
Key Events of the Day
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