The rupee settled at 69.68 against 69.72 at the previous close. The
local unit moved in 69.2450-69.93 per dollar band intra-day.
The Indian rupee rose for a second session against the dollar, as the
Federal Reserve chairman’s comments that suggested the U.S.
central bank will evaluate performance of the economy in deciding
monetary policy raised bets over likely pause in policy tightening.
Weak dollar drove the local currency higher, as Powell’s comments
were the major factor at play today that led to a rally in the most
emerging market currencies. But later in the day, talks over likely
revenue shortfall took a toll on rupee and boosted fiscal concerns.
Spike in volatility today is expected to be a theme for the rest of the
The dollar fell for a third consecutive day against its rivals on
Monday on growing bets the U.S. central bank will press the pause
button on its rate hike cycle in the coming months. Notwithstanding
strong monthly U.S. jobs data for December last week, market
watchers believe the world's biggest economy is losing momentum
with Federal Reserve chair Jerome Powell's comments adding to
expectations the central bank may adopt a more cautious outlook.
The euro gained ground against the U.S. dollar, with EUR/USD
advancing 0.37% to 1.1434. The pound was a touch higher, with
GBP/USD rising 0.13% to 1.2741.
Oil prices rose by 2 percent on Monday, extending a rally from
December's 18‐month lows with support from OPEC production cuts
and steadying share markets. Oil has gained nearly 12 percent since
last Monday, its biggest week-on-week rally in two years.
Gold rose on Monday as the dollar fell on expectations that the U.S.
Federal Reserve would halt its rate-hiking cycle for the year, lifting
demand for the metal from holders of other currencies.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon