The Indian rupee little changed at 69.62 pair now at 69.7175 against
69.77 previous close.
Pair to tip in 69.55- 69.95 range today.
The Indian rupee was higher against the dollar in early trade, on the
back of the dollar index’s decline to a two‐month low on the last day
of 2018. The rupee is unlikely to rise beyond current levels,
considering the major support points for the dollar at 69.30 and then
at 68.80‐68.90. Rupee will increasingly become non‐receptive to
positive news flow and will be highly sensitive to negative news.
Global Currency
The dollar was broadly steady in thin year‐end trading on Monday
with the Australian dollar AUD=D3 leading gainers as tensions over a
trade dispute between the United States and China faded on
expectations of progress in trade talks. China and the United States
have been in a trade war for much of 2018, shaking world financial
markets as the flow of hundreds of billions of dollars’ worth of goods
between the world's largest economies has been disrupted by tariffs.
Sterling has been battered this year by Brexit woes, but it rose to a
three‐week high in quiet trade. It rose more than half a percent
against the dollar at $1.2765 but has lost more than 6 percent of its
value versus the dollar this year.
Global Markets
Oil prices ended with full‐year losses for the first time since 2015,
after a desultory fourth quarter that saw buyers flee the market over
growing worries about a supply glut and mixed signals related to
renewed U.S. sanctions on Iran.
Gold traded near a more than six‐month peak hit early on Monday
but was headed for its first annual decline since 2015, having lost
this year to dollar strength due to trade tensions and rising interest
rates by the U.S. Federal Reserve. U.S. gold futures GCv1 settled
down 0.1 percent at $1,281.30 per ounce.
