The rupee settled at 69.16 against 69.4250 at the previous close. The
local unit moved in 68.52-69.20 per dollar band intra-day.
Dollar/rupee breached Rs 69/$1 Thursday on likely FPI outflows from
local debt after release of Reserve Bank of India's first bi-monthly
monetary policy for 2019-20 outcome. There are FPI outflows from
local debt after the RBI cut repo rate by 25 basis but kept its stance
unchanged at 'neutral'. Market expected a dovish stance with few
investors expecting more than 25 bps rate cut," said a dealer with a
private sector bank. The 7.26%-2029 traded at Rs 99.45 (7.33%)
compared to the previous close of Rs 99.91 (7.27%).
The dollar is a little weaker in early trading in Europe Thursday as the
euro shrugs off a disappointing set of factory orders in Germany that
bode ill for a quick turnaround in the euro zone’s largest economy.
New orders to German manufacturers fell by 4.2% in February, the
biggest monthly drop in two years, with the steepest drop coming
from foreign markets outside the euro zone.
The euro fell to a session low on Thursday after a report that Italy
will slash its growth forecasts prompted fears about a broader
economic slump. Political wrangling over the finances of heavily
indebted Italy has seen the euro weaken versus the dollar. Reuters
reported on Wednesday that Rome will this month likely cut its 2019
growth estimate to 0.3 percent or 0.4 percent.
Oil prices fell for a second day on Thursday, with Brent briefly edging
below $69 per barrel because of rising inventories and production in
the United States, but losses were limited as supply tightened
Gold inched higher on Thursday as stock markets retreated from
multi-month highs following weak data from Germany, while
investors awaited clarity on the progress of U.S.-China trade talks.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
Interest Rate Decision
Reverse REPO Rate
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