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India Rupee Falls On Higher Oil Prices, Corporate Dollar Demand

8 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.80 pair now at 69.99 against 69.68 previous close.
  • Pair to tip in 69.80- 70.30 range today.
  • The Indian rupee fell against the dollar in early trade, tracking persistent rise in crude oil prices and dollar purchases by foreign banks, likely for their corporate clients. Continuous rise in crude oil prices on improved risk sentiment has kept the rupee under pressure. An European lender bought dollars in early trade apparently on behalf of its corporate client. Demand for the dollar is expected to increase as the day progresses, while volumes remain tepid.

Global Currency

  • The dollar fell versus other major currencies for a fourth straight session on Tuesday, as investors grew increasingly convinced the Federal Reserve will not raise interest rates this year amid uncertainties over the U.S. economy. U.S. inflation has been well behaved so far and so the Fed does have room to pause on its rate hike cycle.
  • The euro was fetching $1.1478, gaining 0.05 percent. The single currency has gained around 1.5 percent over the last three trading sessions as the outlook towards the greenback worsened.

Global Markets

  • Oil prices were stable on Tuesday, supported by hopes that talks under way in Beijing involving U.S. and Chinese officials could end trade disputes between the world's biggest economies, while OPECled supply cuts also tightened markets.
  • Gold held steady on Tuesday as bets on a pause in U.S. interest rate hikes and hopes of a Sino‐U.S. trade deal put pressure on the dollar, but an improved risk appetite capped gains for the safe-haven metal. Spot gold XAU= was little changed at $1,287.70 by 0148 GMT. It hit a more‐than 6‐month peak at $1,298.42 on Friday.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.098 70.105 0.47
EUR/USD 1.14399 80.23 0.19
GBP/USD 1.27602 89.44 0.30
USD/JPY 108.985 0.64 0.2
SEK/INR 8.9179 7.8604 0.0185
DKK/INR 6.2574 11.2025 0.0325
AUD/USD 1.4023 49.97 0.65
TIME USD LIBOR EURO LIBOR  
1M 2.52056 -0.41943  
3M 2.80388 -0.34457  
6M 2.85575 -0.29857  
1Y 2.96488 -0.177  
Index Today % Change
NIFTY 10794.7 0.21
SENSEX 35949.05 0.28
BANK NIFTY 27339.55 0.13
SGX NIFTY 9347.5 0.33
NIKKEI 20038.97 2.44
HANG SENG 25905.82 0.27
SHANGHAI 2527.9517 -0.2
ASX200 5733.6 0.89
DOW JONES 23531.35 0.42
S&P500 # 2549.69 0.70
NASDAQ # 6488.254 1.02
Key Events of the Day
Date Time Currency Event Forecast Previous
08-Jan-2019 20.30 USD JOLTs Job Openings (Nov) 7.170M 7.079M

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