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The RBI may cut repo rate by 25 basis points in the upcoming monetary policy

6 June 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.40 pair now at 69.41 against 69.2550 previous close.
  • Pair to tip in 69.20-69.50 range today.
  • Dollar/rupee opened higher on Thursday tracking a strong greenback after the release of an upbeat Fed Beige Book amid strong US economic data. Spot opened higher tracking the strong dollar. Dollar is strong after the upbeat US Fed Beige Book and strong US data. Dollar/rupee opened at Rs 69.41/$1 Thursday compared to its previous close of Rs 69.25/$1. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 97.27 Thursday compared to 97.11 at close.

Global Currency

  • The European Central Bank makes its monetary policy decision later on Thursday. The central bank will try to give the ailing euro zone a boost and may even set the stage for more action later this year as an escalating global trade war unravels the benefits of years of monetary stimulus. President Mario Draghi is expected to maintain guidance about the possibility of more stimulus.
  • Economic growth likely to slow down in the March quarter 2019, the RBI may cut repo rate by 25 basis points in the upcoming monetary policy review. The Reserve Bank will announce its second bi-monthly monetary policy for the current fiscal on June 6. This will be the first policy meet of the central bank after the Lok Sabha elections 2019.

Global Markets

  • Oil prices steadied on Thursday after falling to near 5-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising U.S. supply and a stalling economy.
  • Gold prices edged lower on Thursday, easing from the previous session's 15-week high as the dollar recovered from multi-week lows, although trade concerns and a possible U.S. rate cut offered support for safe-haven bullion.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.415 69.425 0.04
EUR/USD 1.12308 77.95 0.06
GBP/USD 1.2686 88.06 0.05
USD/JPY 108.217 0.64 0.2
SEK/INR 9.4416 7.3520 0.0068
DKK/INR 6.1964 11.2025 0.0325
AUD/USD 1.4344 48.38 0.07
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11984.50 -0.31
SENSEX 39982.35 -0.25
BANK NIFTY 31436 -0.47
SGX NIFTY 12036 -0.37
NIKKEI 20812.31 0.18
HANG SENG 26921 0.16
SHANGHAI 2848.34 -0.46
ASX200 6394.4 0.56
DOW JONES 25549 0.01
S&P500 # 2825.60 -0.09
NASDAQ # 7224.70 -0.00
Key Events of the Day
Date Time Currency Event Forecast Previous
06-Jun-2019 11.45 INR Interest Rate Decision 5.75% 6.00%
06-Jun-2019 17.15 EUR Deposit Facility Rate -0.40% -0.40%
06-Jun-2019 17.15 EUR ECB Marginal Lending Facility 0.25% 0.25%
06-Jun-2019 17.15 EUR ECB Interest Rate Decision 0.00% 0.00%

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