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USD/INR ends down on Greenko dlr bonds related flows, likely FII inflows into local stocks

31 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.78 against 68.76 at the previous close. The local unit moved in 68.76-68.94 per dollar band intra-day.
  • Dollar/rupee ended down Wednesday on selling by foreign banks amid likely overseas inflows related to Greenko dollar bonds. Foreign banks sold in the spot. Greenko dollar bond related flows supported demand for local currency. FII inflows into local equities were also there. India's leading clean energy company Greenko raised $1 billion in an overseas debt sale. Greenko bonds were oversubscribed one-and-a-half times. Local stocks ended higher as investors took part in value buying in select beaten down blue chip shares.

Global Currency

  • The dollar hovered just off two-month highs on Wednesday as robust U.S. data all but eliminated chances the Fed will deliver a half-point interest rate cut, while the euro remained near two-year lows on weak inflation and growth readings. The focus will instead be on whether the Fed leaves the door open for further easing to insulate the economy from slowing global growth and fallout from trade conflicts.
  • The pound, which has emerged as one of the loudest voices of opposition to the government’s handling of Brexit, has slumped more than 4% in July, set for the biggest monthly drop since October 2016, when the currency plunged in a one-minute flash crash.

Global Markets

  • Oil prices rose for a fifth day on Wednesday, supported by a drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago.
  • Gold held steady on Wednesday, on track for a third straight month of gains, as traders awaited a U.S. Federal Reserve statement that is widely expected to signal an interest rate cut. Spot gold was flat at $1,430.74 per ounce

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.79 68.79 -0.1
EUR/USD 1.11453 76.67 -0.18
GBP/USD 1.2169 83.66 0.04
USD/JPY 108.572 0.63 -0.07
SEK/INR 9.5714 7.1870 -0.0059
DKK/INR 6.128 11.2250 0.49
AUD/USD 1.4507 47.40 -0.1
DXY 97.84 0.05
Index Today % Change
NIFTY 11118 0.29
SENSEX 37481 0.22
NIKKEI 21658 0.45
HANG SENG 28602 0
SHANGHAI 2915.30 -0.44
CAC# 5606 0.52
FTSE # 7595 -0.67
DAX # 12172 0.25
Commodities Today % Change
GOLD # 1431 0.12
SILVER# 16.49 -0.40
BRENT # 65.08 0.70
NYMEX # 58.46 0.71
Today Today
OPEN 68.9000
HIGH 68.9400
LOW 68.7600
CLOSE 68.7675

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
31/07/2019 13.25 EUR German Unemployment Change (Jul) 1K 2K -1K
31/07/2019 14.30 EUR CPI (YoY) (Jul) 1.1% 1.1% 1.3%

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