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Indian Rupee Records 7th Monthly Fall On FPI Outflows

31 October 2018 / Evening Brief

Indian Rupee

  • The rupee settled at 73.95 against 73.6750 at the previous close. The local unit moved in 73.7875-74.14 per dollar band intra-day.
  • The Indian rupee fell against the dollar for a seventh month in October and logged its largest losing streak in 18 years, hurt by foreign fund outflows from local and other emerging markets on risk aversion amid expectations of more interest rate hikes from the U.S. Federal Reserve. However, a recent decline in crude oil prices and likely interventions from the central bank limited the rupee’s fall.

Global Currency

  • The dollar rose to its highest levels in more than a year on Wednesday as dovish comments by the Bank of Japan and weak data from China reinforced the dollar attractiveness as an investment destination. The Japanese yen edged lower against the dollar on Wednesday after the Bank of Japan signaled it was a long way off from exiting crisis-era stimulus, while the dollar scaled 16-month highs versus its key rivals on continued strength in the U.S. economy.
  • The sterling held close to its mid-August lows, hovering at $1.2705, after credit ratings agency Standard & Poor's said a 'no-deal' Brexit would be likely to tip Britain into a recession on Tuesday. immediate catalysts for the sterling traders could come from the Bank of England's monetary policy meeting on Thursday.

Global Markets

  • Oil prices rose more than 1 percent on Wednesday as markets braced for the imposition of U.S. sanctions on Iran next week and as stock markets clawed back some of their recent losses.
  • Gold prices fell to a more than two-week low on Wednesday as equities gained and the dollar touched multi-month highs after upbeat economic data indicated a robust U.S. economy. The yellow metal remained on track to end a run of six straight monthly losses.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 73.95 0.38
EUR/USD 1.1341 83.90 0.38
GBP/USD 1.2766 94.39 0.82
USD/JPY 113.076 0.65 0.41
SEK/INR 8.9738 8.0646 0.0329
DKK/INR 6.447 11.2250 0.49
AUD/USD 1.4079 52.53 0.24
DXY 96.929 -0.08
Index Today % Change
NIFTY 10386.6 1.85
SENSEX 34442.05 1.63
NIKKEI 21920.46 2.16
HANG SENG 24979.69 1.6
SHANGHAI 2602.7832 1.35
CAC# 5085.48 2.15
FTSE # 7264.61 0.0042
DAX # 11427.27 1.24
Commodities Today % Change
GOLD # 1217.94 -0.38
SILVER# 14.42 0.12
BRENT # 76.3 0.51
NYMEX # 66.45 0.41
Today Today
OPEN 73.9200
HIGH 74.1400
LOW 73.7875
CLOSE 73.9500

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
31-10-2018 13.30 EUR CPI (YoY) (Oct) 2.2% 2.1% 2.1%

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