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India Rupee At 2-Month High On Corporate Inflows, Strong Shares

5 March 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.4850 against 70.9050 at the previous close. The local unit moved in 70.45 -70.9850 per dollar band intra-day.
  • The Indian rupee jumped to a near-two-month high against the dollar, helped by corporate dollar inflows following a long weekend and strong local shares. The rupee was expected to remain under pressure today on U.S. President Trump’s statement on India trade tariff, but corporate dollar inflows after yesterday’s holiday and foreign portfolio flows helped the unit to recover. Rally in local shares and lack of reports of further escalation in tensions between India and Pakistan relations drove traders to cut their long dollar positions, triggering stop losses.

Global Currency

  • The U.S. dollar held within sight of a two-week high against its major peers in early European hours on Tuesday, as China cut its 2019 economic growth target, dimming the outlook for global growth. China said on Tuesday it was targeting economic growth of 6.0% to 6.5% in 2019, down from the 6.6% growth reported last year, which was already the lowest in decades.
  • The euro fell towards a one-week low on Tuesday as the dollar gained broadly and investors began pricing in more caution from the European Central Bank at its meeting on Thursday. The ECB is facing growing pressure to address the question of how to protect the euro zone economy from a protracted slowdown.

Global Markets

  • Oil fell towards $65 a barrel on Tuesday, pressured by the restart of Libya's biggest oilfield and on expectations for an increase in U.S. crude inventories. Some wells at Libya's El Sharara oilfield have restarted and the aim is to reach initial output of 80,000 brl per day.
  • Gold prices held close to a more than five-week low on Tuesday as the dollar firmed and global equity markets held near a five-month crest, making bullion less appealing for investors.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.495 70.495 -0.59
EUR/USD 1.13298 79.85 -0.7
GBP/USD 1.31587 92.74 -0.71
USD/JPY 111.935 0.63 -0.78
SEK/INR 9.3212 7.5629 -0.0261
DKK/INR 6.280 11.2250 0.49
AUD/USD 1.4124 49.89 -0.86
DXY 96.738 0.06
Index Today % Change
NIFTY 10987.45 1.14
SENSEX 36442.54 1.05
NIKKEI 21726.28 -0.44
HANG SENG 28961.6 0.01
SHANGHAI 3054.2466 0.88
CAC# 5278.15 -0.16
FTSE # 7264.61 0.0042
DAX # 11580.23 -0.11
Commodities Today % Change
GOLD # 1284.4933 -0.15
SILVER# 15.015 -0.01
BRENT # 65.39 -0.43
NYMEX # 56.5 -0.16
Today Today
OPEN 70.9400
HIGH 70.9850
LOW 70.4500
CLOSE 70.4850

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
05/03/2019 15.00 GBP Services PMI (Feb) 51.3 49.9 50.1

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