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India Rupee At Near 2-Week Low On Oil Rise, Importers' Dlr Bids

8 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.20 against 69.68 at the previous close. The local unit moved in 69.80-70.23 per dollar band intra-day.
  • The Indian rupee logged its first loss in three sessions and dropped to a near-two-week low against the dollar, tracking persistent spike in crude oil prices that prompted importers to step up dollar purchases. Rupee has witnessed pullback from 69.25-69.30 levels on massive dollar purchases by importers and some central bank action cannot be ruled out. Volatility in crude prices and dollar index in an illiquid trade has also weighed on the rupee. The rupee rose to a five-month high of 69.23 to dollar yesterday, before trimming gains.

Global Currency

  • The U.S. dollar recovered some of its prior losses on Tuesday as U.S. and China wrap up a two‐day trade meeting. Officials from the two countries are wrapping up talks in Beijing, with traders waiting for any news that the two have made progress on reaching an agreement. The dollar had dipped Friday after Federal Reserve Chairman Jerome Powell said the Fed would act “quickly” if market concerns outweigh the strong economic data
  • The euro fell on Tuesday as the euro zone economy showed more signs of slowing, while the dollar gained despite growing bets the U.S. central bank will pause its rate hike cycle.

Global Markets

  • Oil prices rose slightly on Tuesday, supported by hopes that talks in Beijing between U.S. and Chinese officials might defuse a trade dispute between the world's two biggest economies, while OPEC-led supply cuts also tightened markets.
  • Gold prices slid on Tuesday in Asia, as the U.S. dollar rebounded after falling for four straight sessions amid expectations that the U.S. Federal Reserve may shift its position and slow down future increases in interest rates in 2019.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.20 70.20 0.55
EUR/USD 1.14487 80.35 0.34
GBP/USD 1.27577 89.48 0.35
USD/JPY 108.777 0.65 0.49
SEK/INR 8.8921 7.8958 0.0539
DKK/INR 6.255 11.2250 0.49
AUD/USD 1.4013 50.06 0.7
DXY 95.849 0.19
Index Today % Change
NIFTY 10802.15 0.28
SENSEX 35980.93 0.36
NIKKEI 20204.04 0.82
HANG SENG 25875.45 0.15
SHANGHAI 2526.4622 -0.26
CAC# 4777.09 1.23
FTSE # 7264.61 0.0042
DAX # 10820.52 0.68
Commodities Today % Change
GOLD # 1282.84 -0.45
SILVER# 15.669 0
BRENT # 58.27 1.64
NYMEX # 49.28 1.57
Today Today
OPEN 69.8000
HIGH 70.2300
LOW 69.8000
CLOSE 70.2000

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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