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USD/INR ends up on likely FPI outflows from local debt after news Indian Navy put bases, warships on high alert

9 August 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.80 against 70.69 at the previous close. The local unit moved in 70.44-70.8075 per dollar band intra-day.
  • USD/INR ends up on likely FPI outflows from local debt after news Indian Navy put bases, warships on high alert. Dollar/rupee saw a sudden spurt upward Friday afternoon taking it to the day's high on stop-loss triggers and amid speculation of defence-related outflows. Buying by nationalised banks pushed it; heard that it was for some defence-related payouts. Forward premia for dollar maturing in a year traded at Rs 2.78 Friday compared to previous close of Rs 2.76.

Global Currency

  • The dollar was mixed within relatively narrow ranges Friday at the start of European trading, after the Chinese yuan defied some weak factory gate inflation data to end the week on a stable note. The euro recovered most of its Thursday losses after the eruption of the latest political crisis in Italy, where Matteo Salvini, the head of the right-wing populist Lega party.
  • The dollar index, which tracks the greenback against a basket of currencies, was effectively unchanged at 97.403. The latest rant by President Donald Trump against the strength of the dollar and the Federal Reserve via Twitter on Thursday has had no lasting effect on the market, beyond reminding participants of the risk of intervention to depress the dollar.

Global Markets

  • Gold prices gained on Friday in Asia amid concerns surrounding the U.S.-China trade war. The safe-haven metal surged this week after China devalued its yuan in response to the U.S. threat to impose more tariffs on Chinese goods.
  • Oil prices inched higher on Friday as expectations of more OPEC production cuts provided some support, although concerns over the long-running U.S.-China trade dispute kept a lid on gains. U.S. West Texas Intermediate (WTI) futures were at $52.68 per barrel.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.81 70.81 0.57
EUR/USD 1.12025 79.32 0.62
GBP/USD 1.20631 85.37 -0.09
USD/JPY 105.764 0.67 0.61
SEK/INR 9.5696 7.3995 0.0542
DKK/INR 6.308 11.2250 0.49
AUD/USD 1.4697 48.18 0.72
DXY 97.38 0.05
Index Today % Change
NIFTY 11109 0.70
SENSEX 37581 0.68
NIKKEI 21658 0.45
HANG SENG 28602 0
SHANGHAI 2980 -0.44
CAC# 5547 0.52
FTSE # 7283 0.02
DAX # 11716 -1.09
Commodities Today % Change
GOLD # 1513 0.27
SILVER# 17.01 0.43
BRENT # 58.20 1.43
NYMEX # 53.19 1.24
Today Today
OPEN 70.8000
HIGH 70.9475
LOW 70.5500
CLOSE 70.6900

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
09/08/2019 14.00 GBP GDP (MoM) 0.0% 0.1% 0.2%
09/08/2019 14.00 GBP GDP (YoY) (Q2) 1.2% 1.4% 0.5%
09/08/2019 14.00 GBP GDP (QoQ) (Q2) -0.2% -0.1% 1.4%

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