Indian Rupee At 3-Wk Low On Guv Patel’s Exit, State Poll Results
11 December 2018 / Evening Brief
Indian Rupee
- The rupee settled at 71.85 against 71.33 at the previous close. The local unit moved in 71.6850‐72.4625 per dollar band intra-day.
- The Indian rupee fell for a second day and closed at an over threeweek low against the dollar, after the central bank chief Urjit Patel’s surprise resignation yesterday, while the ruling Bharatiya Janata Party trailed in assembly elections in key states. However, an apparent intervention by the Reserve Bank of India and recovery in local shares helped the rupee to trim some losses.
Global Currency
- The U.S. dollar slid lower against a currency basket on Tuesday while the pound found some support after a steep selloff in the previous session in the wake of a shock decision by British Prime Minister Theresa May to delay a key vote on Brexit. The U.S. dollar has been pressured lower by growing view that the Federal Reserve could pause its rate hike cycle sooner than previously thought.
- The British pound crawled off 20‐month lows on Tuesday as Prime Minister Theresa May sought support from European leaders to change her Brexit deal, with investors weighing chances of a chaotic British exit from the European Union. May met Dutch Prime Minister Mark Rutte and will meet German Chancellor Angela Merkel in a last ditch bid to save her deal before an EU summit on Dec. 13‐14
Global Markets
- Oil edged higher on Tuesday, clawing back some of the previous day's hefty losses as a modest show of strength in global stocks, a slightly weaker dollar and an unplanned supply outage in OPEC member Libya lent support.
- Gold prices edged higher on Tuesday, supported by hopes that the U.S. Federal Reserve could pause its rate hike cycle sooner than expected and as the dollar slipped after the previous session's rally. U.S. gold futures were 0.3 percent higher at $1,252.6 per ounce.
Global Markets at one Glance
| Markets at 5.00pm | In INR | % Change | |
| USD/INR | 71.86 | 71.86 | -0.86 |
| EUR/USD | 1.13941 | 81.92 | -0.5 |
| GBP/USD | 1.26177 | 90.66 | -0.42 |
| USD/JPY | 113.078 | 0.64 | -0.7 |
| SEK/INR | 9.0377 | 7.9511 | -0.0195 |
| DKK/INR | 6.402 | 11.2250 | 0.49 |
| AUD/USD | 1.3869 | 51.83 | -0.88 |
| DXY | 96.907 | -0.32 | |
| Index | Today | % Change |
| NIFTY | 10549.15 | 0.58 |
| SENSEX | 35150.01 | 0.54 |
| NIKKEI | 21148.02 | -0.34 |
| HANG SENG | 25771.67 | 0.07 |
| SHANGHAI | 2594.0881 | 0.37 |
| CAC# | 4816.51 | 1.56 |
| FTSE # | 7264.61 | 0.0042 |
| DAX # | 10777.96 | 1.47 |
| Commodities | Today | % Change |
| GOLD # | 1248.12 | 0.29 |
| SILVER# | 14.545 | 0.46 |
| BRENT # | 60.39 | 0.7 | NYMEX # | 51.42 | 0.82 |
| Today | Today |
| OPEN | 72.4625 |
| HIGH | 72.4625 |
| LOW | 71.6850 |
| CLOSE | 71.8500 |
Key Events of the Day
| Date | Time | Currency | Event | Actual | Forecast | Previous |
| 11/12/2018 | 15.00 | GBP | Average Earnings Index +Bonus (Oct) | 3.3% | 3.0% | 3.1% |
| 11/12/2018 | 15.00 | GBP | Claimant Count Change (Nov) | 21.9K | 13.2K | 23.2K |
| 11/12/2018 | 15.30 | EUR | German ZEW Economic Sentiment (Dec) | -17.5 | -25.0 | -24.1 |
