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India Rupee Snaps 2-Day Fall As Shares Rise; MPC Meet Starts

5 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.56 against 71.80 at the previous close. The local unit moved in 71.5550-71.8075 per dollar band intra-day.
  • The Indian rupee rose for the first time in three sessions against the dollar, tracking a rise in local shares that gained for a fourth session today, boosting hopes of foreign fund inflows. Rupee is helped by some hopes of inflows in local equities, tracking strength in the global equity market amid improved appetite, but uptick in oil limited rupee’s appreciation. there is lot of uncertainty related to what action can be taken in the monetary policy this week because although the inflation remains under control, current crude oil price movement remains a cause of concern.

Global Currency

  • The dollar could be vulnerable if President Donald Trump comes out swinging on trade and risks another government shutdown in his State of the Union address. The absence of progress in talks between British and European officials over Brexit is also weighing on both currencies vis-a-vis the dollar, amid rising risks of the U.K. leaving the EU in March without a safety net of transitional arrangements to guarantee smooth trade between the two.
  • The EUR/USD pair fell to $1.1416. European markets face a stiff test of sentiment this morning from a raft of service and composite purchasing managers' surveys, and from euro-zone retail sales data for December.

Global Markets

  • Oil prices rose on Tuesday as investors expect U.S. sanctions on Venezuela and production cuts led by OPEC and its allies to head off any glut, but data showing a decline in U.S. factory orders weighed on the market.
  • Gold were close to a near one-week low on Tuesday, as a stronger dollar and renewed interest in riskier assets dampened demand. Spot gold edged 0.1 % higher to $1,313.02 per ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.57 71.57 -0.09
EUR/USD 1.14201 81.82 -0.2
GBP/USD 1.30119 93.18 -0.27
USD/JPY 109.936 0.65 -0.12
SEK/INR 9.0971 7.8673 -0.0051
DKK/INR 6.376 11.2250 0.49
AUD/USD 1.3797 -0.05
DXY 95.943 0.09
Index Today % Change
NIFTY 10934.35 0.2
SENSEX 36616.81 0.09
NIKKEI 20844.45 -0.19
HANG SENG 27990.21 0.21
SHANGHAI 2618.2323 1.3
CAC# 5045.27 0.9
FTSE # 7264.61 0.0042
DAX # 11292.28 1.04
Commodities Today % Change
GOLD # 1314.23 0.19
SILVER# 15.837 0
BRENT # 62.42 -0.14
NYMEX # 54.6 0.07
Today Today
OPEN 71.6000
HIGH 71.8075
LOW 71.5550
CLOSE 71.5600

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
05-02-2019 15.00 GBP Services PMI (Jan) 50.1 51.1 51.2

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