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USD/INR falls after opening up on likely FII inflows into local stocks

6 August 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.80 pair now at 70.60 against 70.74 previous close.
  • Pair to tip in 70.45-70.80 range today.
  • Dollar/rupee fell after opening higher Tuesday on likely overseas inflows into local stocks amid a weak greenback and lower crude oil prices. Foreign banks are on the sell side. FIIs are buying at lower levels after equities tumbled. Dollar is also weak. The greenback extended its fall against major counterparts on fears that the US trade conflict with China would hurt US economic growth and corporate profits. Brent crude oil futures for October delivery traded at $60.27 a barrel from $61.11 a barrel at the close in spot on Monday.

Global Currency

  • Chinese state media stuck to the government’s line on the yuan’s weakening, saying the move was normal while stressing the economic benefit of some flexibility in the currency. The yuan falling beyond 7 a dollar is a “market-driven result” that shows the exchange rate is more flexible than before, according to a Monday report by Xinhua News Agency. Some fluctuation in market sentiment is normal amid rising external risks.
  • The RBA is expected to leave its benchmark interest rate at a record low of 1.00%, but the trade war is a source of concern for Australia's economy because it ships a lot of raw materials to China.

Global Markets

  • Oil reversed a decline as China’s central bank set the yuan fixing stronger than expected, calming investors after the U.S. escalated the trade war by labeling the Asian nation a currency manipulator.
  • Gold prices continued to rise on Tuesday as the protracted trade war between the United States and China intensified after Washington designated Beijing a currency manipulator, prompting a flight towards safe-haven assets.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.625 70.63 -0.77
EUR/USD 1.12047 79.13 -0.72
GBP/USD 1.21638 85.91 -0.55
USD/JPY 106.665 0.66 -1.26
SEK/INR 9.5917 7.3631 -0.0452
DKK/INR 6.3044 11.2025 0.0325
AUD/USD 1.4758 47.85 -0.54
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 10899.70 +0.34
SENSEX 36810.40 +0.30
BANK NIFTY 27767.35 +0.48
SGX NIFTY 10911.10 +0.40
NIKKEI 20497.00 -1.08
HANG SENG 25976.00 -2.73
SHANGHAI 2841.08 -0.93
ASX200 6653.60 -1.70
DOW JONES 26485.00 -0.37
S&P500 # 2932.05 -0.73
NASDAQ # 8004.07 -1.32
Key Events of the Day
Date Time Currency Event Forecast Previous
06-Aug-2019 19.30 USD JOLTs Job Openings (Jun) 7.450M 7.323M

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