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India Rupee At 7-Wk Low As Robust Data Lifts U.S. Yields, Dollar

4 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.80 against 71.24 at the previous close. The local unit moved in 71.58-71.8175 per dollar band intra-day.
  • The Indian rupee fell for a second consecutive session today to a seven-week low against the dollar, as robust U.S. jobs and manufacturing data lifted U.S. yields and lifted dollar demand. Rupee came under pressure due to both global and domestic factors. Higher oil prices and upbeat U.S. jobs data print that lifted dollar, added to the rupee’s fall which was already pressured by the populist domestic budget. All eyes are on the MPC policy meet for the RBI’s take on the expected fiscal slippage and a rate cut is expected. Rupee can stabilise in the next few days.

Global Currency

  • The U.S. dollar rose to one-week highs against the yen on Monday, as strong employment and factory data underpinned demand for the greenback, but the Federal Reserve's more cautious stance on monetary policy looked likely to hold gains in check. Dollar sentiment has undergone a U-turn in recent days with weak European data and expanding stimulus in China boosting appetite for the greenback, despite indications from the U.S. Federal Reserve that interest rate increases may be over for now.
  • Sterling GBP was broadly flat at $1.3073 in early Asian trade with traders expecting the pound to remain volatile as Brexit uncertainty remained high.

Global Markets

  • Oil hit a two-month high close to $64 a barrel on Monday as OPECled supply cuts and U.S. sanctions against Venezuela's petroleum industry offset forecasts of weaker demand and an economic slowdown.
  • Gold prices slipped to their lowest in nearly a week on Monday as global stocks firmed on the back of upbeat economic data from the United States and a stronger dollar. Spot gold was down about 0.5%.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.82 71.82 0.46
EUR/USD 1.14506 82.22 0.46
GBP/USD 1.30621 93.77 0.40
USD/JPY 109.867 0.65 0.16
SEK/INR 9.0788 7.9107 0.0301
DKK/INR 6.398 11.2250 0.49
AUD/USD 1.3829 0.45
DXY 95.726 0.15
Index Today % Change
NIFTY 10912.25 0.17
SENSEX 36582.74 0.31
NIKKEI 20883.77 0.46
HANG SENG 27990.21 0.21
SHANGHAI 2618.2323 1.3
CAC# 4993.38 -0.52
FTSE # 7264.61 0.0042
DAX # 11152.48 -0.25
Commodities Today % Change
GOLD # 1310.39 -0.57
SILVER# 15.88 0
BRENT # 63.02 0.43
NYMEX # 55.3 0.07
Today Today
OPEN 71.6000
HIGH 71.8175
LOW 71.5800
CLOSE 71.2400

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
04-02-2019 15.00 GBP Construction PMI (Jan) 50.6 52.6 52.8

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