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USD/INR ends down on likely FII inflows into the local debt, lower Brent, weak dlr

31 May 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.6750 against 69.87 at the previous close. The local unit moved in 69.6725-69.9125 per dollar band intra-day.
  • USD/INR ends down on likely FII inflows into the local debt, lower Brent, weak Dollar. Locally, equity markets are higher, starting the June F&O series on a strong note, on optimism the newly sworn-in government led by Prime Minister Narendra Modi is set to jumpstart the economy. Also, a gloomy outlook of the US economy and a possible rate cut by the Federal Reserve, cheered domestic markets as it would prompt FIIs to turn to India for better returns.

Global Currency

  • The Japanese yen jumped against the dollar and the Mexican peso plunged after U.S. President Donald Trump's shock threat to slap new tariffs on Mexico, which risked tipping an already struggling global economy into recession. The impact of escalating trade tensions between Washington and Beijing is starting to show up in economic data, with a key measure of Chinese manufacturing activity disappointing investors, and Trump's latest salvo fueled a rush on Friday to safe-haven assets such as government bonds and the yen.
  • U.S. dollar fell as much as 0.8% against the yen JPY=EBS to 108.78, its lowest since early February, while the greenback slipped against the euro EUR=EBS and a broad basket of its rivals.

Global Markets

  • Gold scaled a more than two-week peak on Friday and was en route for its first monthly gain in four after Washington's threat of tariffs on Mexico exacerbated fears of a global economic downturn, driving investors to perceived safe havens.
  • Oil prices sank by more than 1% on Friday, putting crude on track for its worst monthly decline since November, as U.S. President Trump added further fuel to trade conflicts with new tariffs on Mexico.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.685 69.685 -0.22
EUR/USD 1.11442 77.65 -0.1
GBP/USD 1.25612 87.50 -0.60
USD/JPY 108.789 0.64 0.53
SEK/INR 9.5514 77.2958 -0.0269
DKK/INR 6.208 11.2250 0.49
AUD/USD 1.4474 48.14 -0.62
DXY 98.02 -0.09
Index Today % Change
NIFTY 11922 -0.19
SENSEX 39831 0.83
NIKKEI 20601 -1.63
HANG SENG 26851 -0.90
SHANGHAI 2909.91 0.61
CAC# 5174 -1.41
FTSE # 7140 -1.24
DAX # 11694 -1.75
Commodities Today % Change
GOLD # 1297 0.57
SILVER# 14.50 -0.21
BRENT # 65.03 -2.75
NYMEX # 55.50 0-1.95
Today Today
OPEN 69.7600
HIGH 69.9150
LOW 69.6725
CLOSE 69.6750

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
31/5/2019 17.00 INR FX Reserves, USD 419.99B 418.00B
31/5/2019 17.30 INR GDP Annual 6.8% 7.2%
31/5/2019 17.00 INR GDP Quarterly (YoY) (Q4) 5.8% 6.3% 6.6%
31/5/2019 17.00 INR Infrastructure Output (YoY) (Apr) 2.6% 4.9%

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