USD/INR opens dn as early vote count news indicate exit poll result true

23 May 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 69.45 pair now at 69.50 against 69.66 previous close.
• Pair to tip in 69.20-69.80 range today.
• The rupee rallied at the open on Thursday as the first lead signals from vote count centres indicated that exit poll results will eventually prove right and the Modi-led BJP government will return to continue the pro-market reform measures. The results seem to be in favour of the rupee, However, trading will be very cautious over the course of the day until there is clarity about the final verdict. USD/INR opened at Rs 69.45/$1 vs previous close of Rs 69.66/$1. It then traded between Rs 69.375/$1 and Rs 69.60/$1.

Global Currency

• The British pound fell on Thursday in Asia amid Brexit concerns, while the U.S. dollar inched up after Federal minutes. Minutes of the Federal Open Market Committee’s April 30-May 1 meeting suggested that there is no strong case to move rates in either direction and that the Fed’s patient approach to rate-change would be appropriate “for some time.” The FOMC at the meeting left its benchmark policy rate unchanged in a 2.25% to 2.5% target range as expected.
• The yen advanced against its peers on Thursday as persistent U.S.-China trade fears and Brexit concerns fanned risk aversion, lifting the safe-haven Japanese currency.

Global Markets

• Gold prices were steady on Thursday, as simmering Sino-U.S. trade tensions underpinned the dollar, while bullion investors looked for a direction after the minutes of the U.S. Federal Reserve meeting indicated that there was no hurry in cutting rates.
• Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories and weak demand from refineries.

Global Markets at one Glance

Share this post?