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USD/INR may extend gains on oil bids, FII outflows

8 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.55 pair now at 69.60 against 69.4250 previous close.
  • Pair to tip in 69.40-69.75 range today.
  • Dollar/rupee may extend gains Wednesday on buying by nationalised banks likely on behalf of oil importers amid lingering risk woes around the US-China trade tiff, which has increased safe haven demand for the dollar. Nationalised banks are on the buy-side which is mostly for oil importers. Also, poor risk-appetite is leading to FII outflows from local equities, adding to the dollar demand. Crude oil prices remained firm around $70 a barrel as markets remained tight supported by US sanctions on crude exporters Iran and Venezuela.

Global Currency

  • Growing fears about the impact of a worsening U.S.-Sino trade conflict on global growth kept the safe-haven Japanese yen near recent highs against its peers on Wednesday. The yen in particular has drawn steady support from a flight-to-safety bid in recent days, though moves in foreign exchange markets have been relatively orderly compared with those in equity markets.
  • The euro was basically flat at $1.1195 after edging down overnight. The euro zone will rebound next year from a slow-down in 2019 and unemployment will fall further, but inflation is likely to stay at this year's levels and below the European Central Bank's target, the European Commission said on Tuesday.

Global Markets

  • Oil prices stabilised on Wednesday as markets remained relatively tight amid U.S. sanctions on crude exporters Iran and Venezuela.
  • Gold prices rose to their highest in more than a week on Wednesday as renewed worries over U.S.-China trade dispute and its potential impact on global growth dented risk sentiment, stoking investors towards safe-haven assets.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.579 69.595 -0.07
EUR/USD 1.12055 77.97 0
GBP/USD 1.30738 90.97 -0.06
USD/JPY 109.982 0.63 0.14
SEK/INR 9.5815 7.2618 0.0019
DKK/INR 6.2110 11.2025 0.0325
AUD/USD 1.4235 48.86 -0.03
1M 2.48338 -0.41129  
3M 2.58638 -0.34757  
6M 2.61975 -0.30729  
1Y 2.72513 -0.20214  
Index Today % Change
NIFTY 11414 -0.71
SENSEX 38687 -0.71
BANK NIFTY 29730 -0.75
SGX NIFTY 11468 -0.61
NIKKEI 21530 -1.79
HANG SENG 29077 -0.87
SHANGHAI 2888 +0.01
ASX200 6264 -0.51
DOW JONES 26019 0.02
S&P500 # 2945 0.96
NASDAQ # 7670 -0.05
Key Events of the Day
Date Time Currency Event Forecast Previous
8-May-2019 20.00 USD Crude Oil Inventories 1.215M 9.934M

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