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India Rupee Gains Amid Foreign Fund Inflows

5 March 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.74 pair now at 70.81 against 70.74 previous close.
  • Pair to tip in 70.65-71.00 range today.
  • The Indian rupee edged higher against the dollar in early trade, helped by bunched-up foreign fund inflows following a long weekend. Foreign banks sold dollars in early trade, while bunched-up flows accumulated in banks’ nostro accounts due to yesterday’s holiday, have hit the markets. Some dollar inflows related to bond markets also helped the rupee. The Mumbai-based dealer expects the rupee to trade in a 70.70-71.00 range today. India’s financial markets were closed yesterday for a local holiday.

Global Currency

  • The dollar hovered near a 10-week high against the yen on Friday, thanks to a surge in Treasury yields after U.S. gross domestic product data topped expectations. The dollar suffered brief dips against the yen, a perceived safe-haven, this week as tensions between India and Pakistan flared and as a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un ended without an agreement.
  • The euro was steady at $1.1371 EUR= , having slid from a three-week peak of $1.1420 scaled the previous day. Core European bond yields hit a three-week high on Wednesday while a broad indicator of European economic data.

Global Markets

  • Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further. International Brent crude futures were at $66.59/ barrel, up 28 cents, or 0.4 %.
  • Gold prices hit a two-week low on Friday as upbeat U.S. economic data boosted the dollar, while mounting concerns over a slowdown in global growth offered support to the safe-haven metal. U.S. gold futures GCv1 were down 0.1 percent at $1,314.80 per ounce.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.804 70.815 -0.13
EUR/USD 1.13292 80.22 -0.25
GBP/USD 1.31585 93.16 -0.26
USD/JPY 111.904 0.63 -0.31
SEK/INR 9.3516 7.5713 -0.0177
DKK/INR 6.3204 11.2025 0.0325
AUD/USD 1.4129 50.10 -0.29
1M 2.48188 -0.412  
3M 2.5985 -0.34071  
6M 2.68213 -0.29771  
1Y 2.879 -0.16186  
Index Today % Change
NIFTY 10843.25 -0.19
SENSEX 35995.77 -0.19
BANK NIFTY 27059.4 0.06
SGX NIFTY 9347.5 0.33
NIKKEI 21822.04 1.02
HANG SENG 28950.77 -0.03
SHANGHAI 3031.0048 0.11
ASX200 6195.5 -0.35
DOW JONES 25819.65 -0.79
S&P500 # 2792.81 -0.39
NASDAQ # 7150.833 -0.01
Key Events of the Day
Date Time Currency Event Forecast Previous
05/03/2019 15.00 GBP Services PMI (Feb) 59.9 50.1
05/03/2019 20.30 USD ISM Non-Manufacturing PMI (Feb) 57.3 56.7
05/03/2019 20.30 USD New Home Sales (Dec) 600K 657K

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