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22 August 2019 / Evening Brief
Indian Rupee
- The rupee settled at 71.81 against 71.56 at the previous close. The local unit moved in 71.56-71.9650 per dollar band intra-day.
- Dollar/rupee ended up Thursday tracking a sharp fall in Chinese Yuan amid oil bids and likely overseas outflows from local stocks. Large amount of FII outflows from local markets, strong dollar after the FOMC minutes and oil bids led gains in the spot. Worsening risk-sentiments is weighing on Indian rupee. The sharp fall in Chinese Yuan also led gains in DXY, indirectly supporting spot. Globally, risk aversion turned sour after the Chinese Yuan fell to an 11-year low against the dollar due to worries about an economic slowdown.
Global Currency
- The euro fell on Thursday, heading towards a three-week low, as an uptick in euro zone business growth was offset by another decline in China's currency. Euro zone business growth picked up in August, as services expanded and manufacturing contracted at a slower pace. But trade war fears knocked future expectations to their weakest in over six years, a survey showed. the eurozone PMI data was slightly better than expected, it is fairly gloomy stuff and there is some degree of concern among investors about the Chinese yuans decline.
- The dollar slipped lower on Thursday as expectations for further Federal Reserve rate cuts waned, while the euro gained ground after Eurozone private sector data boosted hopes that the bloc’s economy could avoid a recession.
Global Markets
- Oil rose further above $60 a barrel on Thursday, supported by a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.
- Gold inched lower on Thursday as investors locked in profits with focus shifting to a speech by U.S. Federal Reserve Chairman Jerome Powell at Jackson Hole for clarity on the direction of monetary policy.
Global Markets at one Glance
| Markets at 5.00pm | In INR | % Change | |
| USD/INR | 71.82 | 71.82 | 0.54 |
| EUR/USD | 1.10788 | 79.57 | 0.44 |
| GBP/USD | 1.21481 | 87.19 | 0.67 |
| USD/JPY | 106.554 | 0.67 | 0.54 |
| SEK/INR | 9.6742 | 7.4239 | -0.0001 |
| DKK/INR | 6.398 | 11.2250 | 0.49 |
| AUD/USD | 1.4779 | 48.58 | 0.5 |
| DXY | 98.05 | -0.01 | |
| Index | Today | % Change |
| NIFTY | 10741.30 | -1.62 |
| SENSEX | 36472.90 | -1.59 |
| NIKKEI | 20628.00 | +0.05 |
| HANG SENG | 26048.70 | -0.84 |
| SHANGHAI | 2883.44 | +0.11 |
| CAC# | 5418.39 | -0.31 |
| FTSE # | 7163.28 | -0.56 |
| DAX # | 11803.90 | +0.01 |
| Commodities | Today | % Change |
| GOLD # | 1506 | -0.31 |
| SILVER# | 17.07 | -0.45 |
| BRENT # | 61.02 | 1.65 |
| NYMEX # | 56.77 | 1.14 |
| Today | Today |
| OPEN | 71.5600 |
| HIGH | 71.9650 |
| LOW | 71.5600 |
| CLOSE | 71.8100 |
Key Events of the Day
| Date | Time | Currency | Event | Actual | Forecast | Previous |
| 22-Aug-19 | 13.00 | EUR | German Manufacturing PMI (Aug) | 43.6 | 43.0 | 43.2 |
