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India Rupee Little Changed As MPC Decision Awaited

6 February 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.5525 against 71.56 at the previous close. The local unit moved in 71.50-71.6725 per dollar band intra-day.
  • The Indian rupee was steady against the dollar, as investors remained on the sidelines awaiting monetary policy decision at home tomorrow. Nervousness in the market persists ahead of the MPC decision that impacted volumes. Further, since most participants wrapped up their positions, some importers’ bids caused weakness in the local currency, But gains in local shares and oil supported market sentiment that led to rupee’s movement getting confined in a range today. ndia’s Monetary Policy Committee is due to release its policy statement at 11:45 a.m. tomorrow.

Global Currency

  • The U.S. dollar rose to its highest in over a week against the euro in early trading in Europe Wednesday, after more soft data from Germany underlined the loss of momentum in the euro zone's traditional growth engine. Incoming orders to German factories fell by 1.6% in December, their second straight monthly drop and the biggest monthly fall since June.
  • The British pound also slipped to a two-week low of $1.2926 after reports that Prime Minister Theresa May had accepted that the socalled “Irish backstop” would have to be a part of any withdrawal agreement it signs with the European Union.

Global Markets

  • Crude oil to the U.S. from OPEC and its partners fell to 1.41 ml barrels a day in January, the lowest in five years, according to data from cargo-tracking and intelligence company Kpler. Shrinking Iraqi imports and deep output cuts by Saudi Arabia fueled the decline.
  • The prevalent USD buying interest exerts some fresh downward pressure. • Bears seemed rather unaffected by a slight deterioration in risk sentiment. • A modest pullback in the US bond yields have also failed to lend any support. Spot gold edged 0.1 % higher.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.5625 71.5625 0.04
EUR/USD 1.13864 81.49 -0.13
GBP/USD 1.2948 92.62 -0.02
USD/JPY 109.763 0.65 0.25
SEK/INR 9.1602 7.8123 -0.0316
DKK/INR 6.375 11.2250 0.49
AUD/USD 1.4011 -0.49
DXY 96.225 0.16
Index Today % Change
NIFTY 11062.45 1.17
SENSEX 36975.23 0.98
NIKKEI 20874.06 0.14
HANG SENG 27990.21 0.21
SHANGHAI 2618.2323 1.3
CAC# 5069.75 -0.27
FTSE # 7264.61 0.0042
DAX # 11306.99 -0.54
Commodities Today % Change
GOLD # 1311.51 -0.26
SILVER# 15.79 0
BRENT # 61.43 -0.89
NYMEX # 53.16 -0.93
Today Today
OPEN 71.5500
HIGH 71.6725
LOW 71.5000
CLOSE 71.5600

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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