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USD/INR may extend gain upto Rs 70.05/$1 on FII outflows, US-China trade tensions

9 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.90 pair now at 69.85 against 69.72 previous close.
  • Pair to tip in 69.70-70.00 range today.
  • Dollar/rupee may extended gains upto Rs 70.05/$1 by late trades Thursday on likely FII outflows from the local stocks amid concerns over escalating trade tension between the US and China, which dampened the risk appetite of the investors. ANZ Bank and Deutsche Bank are the main buyers along with other foreign banks on behalf of overseas investors, who pulled out from the local stocks. Over the day, the spot pair may trade in a range of Rs 69.65-70.05/$1 Thursday.

Global Currency

  • The dollar hovered near a six-week low versus the yen on Thursday, weighed down against the safe-haven Japanese peer as risk aversion gripped broader markets amid concerns the U.S.-China trade conflict could escalate. Markets were nervously awaiting the start of two-day trade talks in Washington later in the global day to see if Chinese negotiators can convince the White House to back down on a threatened tariff hike on Friday.
  • The euro was flat at $1.1190 EUR= , having spent the week in a tight $1.1218-$1.1155 range. The dollar index against a basket of six major currencies was little changed at 97.612 .DXY.

Global Markets

  • Oil prices dropped 1 percent on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles.Gold prices held steady on Thursday ahead of Sino-U.S. trade negotiations, while demand for government bonds and Japanese yen and a key technical resistance limited gains for the safe-haven metal. Spot gold XAU= firm at $1,280.76 per ounce at 0317 GMT.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.86 69.87 0.22
EUR/USD 1.1197 78.23 0.21
GBP/USD 1.30211 90.97 0.34
USD/JPY 109.925 0.64 0.36
SEK/INR 9.6195 7.2623 0.0129
DKK/INR 6.2361 11.2025 0.0325
AUD/USD 1.4333 48.74 0.1
1M 2.48338 -0.41129  
3M 2.58638 -0.34757  
6M 2.61975 -0.30729  
1Y 2.72513 -0.20214  
Index Today % Change
NIFTY 11341 -0.15
SENSEX 37730 -0.16
BANK NIFTY 29730 -0.75
SGX NIFTY 11374 -0.25
NIKKEI 21380 -1.03
HANG SENG 28510 -1.70
SHANGHAI 2863 -1.02
ASX200 6288 0.31
DOW JONES 25923 -0.41
S&P500 # 2871 -0.40
NASDAQ # 7592 -0.50
Key Events of the Day
Date Time Currency Event Forecast Previous
9-May-2019 18.00 USD PPI (MoM) (Apr) 0.2% 0.6%

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