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India Rupee Gains Tracking Lower Crude Prices

8 February 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 71.38 pair now at 71.32 against 71.45 previous close.
  • Pair to tip in 71.15-71.60 range today.
  • The Indian rupee rose against the dollar in early trade, tracking a drop in Brent crude prices, even as sentiments remain subdued on renewed worries over U.S.-China trade relations. Lower crude oil prices lifted the rupee, However, weak sentiments in the global markets as U.S.-China trade worries are back in focus may keep the gains limited.

Global Currency

  • The dollar held near a two-week high on Friday, as demand for safehaven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth. Such concerns were brought to the fore on Thursday after the European Commission sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc's largest countries will be held back by global trade tensions and domestic challenges.
  • The euro EUR was marginally lower at $1.1338, on track to post its fifth straight day of losses. The single currency has been stumbling due to weaker-than-expected growth data out of the euro zone and expectations that the European Central Bank will keep monetary policy accommodative this year.

Global Markets

  • Oil markets fell on Friday, pulled down by an economic slowdown, although supply cuts led by producer club OPEC and U.S. sanctions against Venezuela provided crude with some support.
  • Gold held steady on Friday on worries that a protracted Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. Spot gold was steady at $1,309.6 per ounce.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 71.329 71.34 0.06
EUR/USD 1.134 80.90 0.01
GBP/USD 1.2947 92.35 0.04
USD/JPY 109.713 0.65 0.09
SEK/INR 9.2623 7.7010 -0.0008
DKK/INR 6.3672 11.2025 0.0325
AUD/USD 1.413 -0.03
1M 2.51263 -0.42243  
3M 2.73763 -0.332  
6M 2.77625 -0.29914  
1Y 2.962 -0.16871  
Index Today % Change
NIFTY 11010.7 -0.53
SENSEX 36763.5 -0.56
BANK NIFTY 27277.95 -0.4
SGX NIFTY 9347.5 0.33
NIKKEI 20751.28 -0.59
HANG SENG 27854.23 -0.49
SHANGHAI 2618.2323 1.3
ASX200 6066 -0.43
DOW JONES 25169.53 -0.87
S&P500 # 2706.05 -0.94
NASDAQ # 6904.981 -1.32
Key Events of the Day
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