India Rupee Steady As Interbank Dlr Sales Offset Weak Asian Cues

13 March 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 69.74 pair now at 69.6675 against 69.7025 previous close.
• Pair to tip in 69.50-69.90 range today.
• The Indian rupee was little changed against the U.S. currency in early trade, as dollar sales by foreign banks and exporters offset weak Asian cues. Dollar sales by a European lender and a German bank likely on behalf of their custodial clients helped rupee recoup early losses. Dollar sales by exporters are further helping the rupee. The pair earlier in the day had climbed to 69.77, tracking dollar’s advance against Asian currencies.

Global Currency

• The dollar was on the back foot after data on Tuesday showed U.S. consumer prices rose at a slower-than-expected pace, nudging Treasury yields to two-month lows. dollar index against a basket of six major currencies .DXY was little changed at 96.992 after losing 0.3 percent overnight.
• The pound edged up on Wednesday after turbulence following the defeat of British Prime Minister May's European Union exit deal, but investors braced for more volatility ahead of additional Brexit proceedings. The British Parliament on Tuesday rejected May's deal to quit the European Union for a second time, deepening the country's political crisis days before the planned departure date on March 29.

Global Markets

• Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer cartel OPEC and U.S. sanctions against Iran and Venezuela.
• Gold scaled a near two-week peak on Wednesday, after reclaiming the key $1,300 level in the previous session, as investors opted for the safe-haven metal after British lawmakers rejected an amended exit deal, while a weaker dollar lent further support.

Global Markets at one Glance

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