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India Rupee Turns Lower On Higher Crude Oil Prices

9 January 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.05 pair now at 70.43 against 70.20 previous close.
  • Pair to tip in 70.00- 70.50 range today.
  • The Indian rupee was lower against the dollar in early trade, as foreign banks and oil importers stepped up dollar purchases tracking another surge in crude oil prices, outweighing opening gains triggered by expectations that the U.S. and China will resolve their trade disputes. Strong correlation between shares and oil prices capped gains in the rupee, while lack of any major dollar inflows and increasing dollar demand from importers will keep the local unit under pressure.

Global Currency

  • The dollar eased against some of its peers on Wednesday, as hopes of progress in the Sino-U.S. trade dispute boosted commodity-linked and riskier currencies. The rally in risk assets has accelerated since last Friday when Federal Reserve Chairman Jerome Powell said he was aware of risks to the economy and would be patient and flexible in policy decisions this year.
  • The euro gained 0.2 percent to $1.1457, but its rebound was not big enough to recover a slightly steeper loss booked during the previous session on concerns about a slowdown in the euro zone economy.

Global Markets

  • Oil prices rose on Wednesday, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S. Crude oil were at $50.29 per barrel.
  • Gold prices held steady on Wednesday as a potential close to a months-long Sino-U.S. trade war lifted risk sentiment, countering expectations that the Fed would pause interest rate increases for this year. Spot gold slipped 0.2 percent to $1,282.97 per ounce by and U.S. gold settled down 0.1 percent at $1,284.5 per ounce.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.375 70.385 0.35
EUR/USD 1.146 80.65 0.49
GBP/USD 1.27439 89.68 0.59
USD/JPY 108.85 0.65 0.36
SEK/INR 8.8996 7.9077 0.0517
DKK/INR 6.2821 11.2025 0.0325
AUD/USD 1.3974 50.35 0.77
1M 2.51113 -0.41729  
3M 2.79681 -0.34143  
6M 2.84875 -0.30029  
1Y 2.99475 -0.17771  
Index Today % Change
NIFTY 10852.4 0.47
SENSEX 36180.6 0.55
BANK NIFTY 27602.55 0.34
SGX NIFTY 9347.5 0.33
NIKKEI 20204.04 0.82
HANG SENG 26512.06 2.46
SHANGHAI 2566.6607 1.59
ASX200 5777.8 0.97
DOW JONES 23787.45 1.09
S&P500 # 2574.41 0.97
NASDAQ # 6551.847 0.98x
Key Events of the Day
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