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India Rupee At Over 3-Wk Low As Higher Oil Raises Outflow Fear

10 January 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 70.46 against 70.20 at the previous close. The local unit moved in 70.05-70.6375 per dollar band intra-day.
  • The Indian rupee fell to a more-than-three-week low against the dollar, underperforming most Asian currencies as continuous uptick in crude oil prices renewed concerns of foreign fund outflows amid expectation of wider current account deficit. There is no avenue for fresh dollar inflows in local assets. Local shares are trading at a significant premium as compared to the global equities, foreign investors are unlikely to pump in money in India until risk from higher crude prices and general elections stays.

Global Currency

  • The euro was pushed higher by a weaker dollar as investors turned away from risk averse assets after the U.S. and China concluded trade talks. The meetings were extended for a third day and China is expected to release a statement on the results. The dollar strength against a basket of six major currencies, fell 0.11% to 95.37.
  • The pound was slightly higher but remained under pressure on Wednesday as the chances of British Prime Minister Theresa May’s Brexit deal being passed were slim. British Prime Minister Theresa May failed to win over the Northern Irish party which props up her government to her Brexit deal on Wednesday, just hours before lawmakers were due to resume a debate on the divorce accord.

Global Markets

  • Oil prices rose 2 percent on Wednesday as the extension of U.S.- China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff. International Brent crude futures LCOc1 were up $1.09, or 1.86%, at $59.81 per barrel.
  • Gold slipped for a second session on Wednesday as investors regained appetite for risk on hopes of a breakthrough in U.S.-Chinese trade talks, while palladium hit a record high. Spot gold XAU= was down 0.3 percent at $1,280.95 per ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 70.47 70.47 0.47
EUR/USD 1.14492 80.68 0.52
GBP/USD 1.27319 89.67 0.58
USD/JPY 108.872 0.65 0.39
SEK/INR 8.9316 7.8900 0.034
DKK/INR 6.278 11.2250 0.49
AUD/USD 1.395 50.50 0.76
DXY 95.894 -0.01
Index Today % Change
NIFTY 10855.15 0.49
SENSEX 36212.91 0.64
NIKKEI 20427.06 1.1
HANG SENG 26462.32 2.27
SHANGHAI 2544.3449 0.71
CAC# 4826.43 1.11
FTSE # 7264.61 0.0042
DAX # 10906.86 0.95
Commodities Today % Change
GOLD # 1280.4 -0.35
SILVER# 15.626 0
BRENT # 59.78 1.81
NYMEX # 50.81 2.07
Today Today
OPEN 70.0500
HIGH 70.6375
LOW 70.0500
CLOSE 70.4600

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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