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Indian Rupee Steady As Higher Oil Offsets Dollar Weakness

9 April 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.59 pair now at 69.52 against 69.67 previous close.
  • Pair to tip in 69.45-69.80 range today.
  • The Indian rupee was little changed against the dollar in early trade, as jump in crude oil prices offset opening gains on broad greenback weakness despite in-line U.S. factory data. Brent crude prices trading above $71 per dollar is a systematic risk for the rupee, which was earlier being ignored due to persistent foreign fund inflows. Volatility might increase due to election uncertainty. Dollar inflows from rights issue of a telecom maker will be eyed for further cues. However, most of these flows have been hedged in the forward.

Global Currency

  • The dollar sagged on Tuesday after weak U.S. economic data while commodity-linked currencies such as the Canadian and Australian dollars drew support from an ongoing surge in crude oil prices. The dollar index against a basket of six major currencies stood little changed at 97.083 .DXY after losing 0.35 percent the previous day, marking its biggest daily decline since March 20.
  • The euro was effectively flat at $1.1256 EUR= after advancing 0.4 percent on Monday, when it ended a two-day losing streak. The pound was unchanged at $1.3062 GBP=D3 , having traded in a narrow range so far this week, reflecting nervousness in the market about key Brexit talks between Prime Minister Theresa May and the opposition Labour Party.

Global Markets

  • Oil prices eased on Tuesday, slipping away from 5-month highs reached earlier in the session as a sluggish economic outlook countered an otherwise tight market. U.S. West Texas Intermediate (WTI) crude CLc1 oil futures also hit a November 2018 high.
  • Gold inched higher on Tuesday, trading just below a more than one-week peak hit in the previous session, as Asian equities eased and the dollar weakened following sombre U.S. economic data. U.S. gold futures GCv1 gained 0.1 percent to $1,302.80 an ounce.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.53 69.53 -0.03
EUR/USD 1.12662 78.32 -0.05
GBP/USD 1.30755 90.90 0.03
USD/JPY 111.353 0.62 0.07
SEK/INR 9.2644 7.5051 -0.0042
DKK/INR 6.2067 11.2025 0.0325
AUD/USD 1.4008 49.62 -0.03
1M 2.47163 -0.41643  
3M 2.59213 -0.35886  
6M 2.64463 -0.30971  
1Y 2.75113 -0.19686  
Index Today % Change
NIFTY 11619.95 0.13
SENSEX 38788.29 0.23
BANK NIFTY 29852.4 0.02
SGX NIFTY 9347.5 0.33
NIKKEI 21761.65 -0.21
HANG SENG 30169.32 0.31
SHANGHAI 3249.1969 0.14
ASX200 6217.3 -0.07
DOW JONES 26341.02 -0.32
S&P500 # 2895.77 0.10
NASDAQ # 7599.742 0
Key Events of the Day
Date Time Currency Event Forecast Previous
09-04-2019 19.30 USD JOLTs Job Openings (Feb) 7.550M 7.581M

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