Indian Rupee Jumps On Hopes Of Further Inflows; Oil Watched

10 April 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 69.28 pair now at 69.20 against 69.27 previous close.
• Pair to tip in 69.10-69.40 range today.
• The Indian rupee advanced against the dollar in early trade, as banks stepped up greenback sales on expectation foreign fund inflows will continue into local equities, while overnight decline in oil prices also soothed sentiments. Dollar sales by a large state-run bank along with few foreign lenders on expectation that foreign portfolio inflows will continue into local equities lifted the rupee. The local unit is expected to remain supported by inflows from rights issue of telecom company that opens today.

Global Currency

• The yen gained on Tuesday as traders favored the safe-haven currency after the United States announced it was considering tariffs on $11 billion of European goods and the International Monetary Fund downgraded its outlook on the global economy. The dollar was basically unchanged at 111.17 yen JPY= , paring a slight loss earlier. The U.S. unit has fallen almost two-thirds of a percent from a more than three-week high of 111.825 yen brushed on Friday last week.
• The euro and sterling both were essentially unchanged, trading at $1.1266 EUR= and $1.3052 GBP=D4 , respectively. European Union leaders will likely grant Prime Minister Theresa May a second delay to Britain's exit from the EU but they could demand she accepts a much longer extension.

Global Markets

• Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption.
• Gold prices inched down on Wednesday as the dollar firmed, but the metal remained near a two-week peak hit in the previous session as equities slipped on concerns over global growth and trade tensions between the United States and Europe.

Global Markets at one Glance

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