Subscribers will see currency tickers here
News Update Available to subscribers only!
Advertisement

World Time


Home
Daily Report

2018-09-24 MONDAY

The safe-haven Japanese yen briefly blipped higher in opening trades today as investors reacted to news China had canceled trade talks with the United States just as the latest round of tariffs are set to take effect. President Donald Trump’s second round of 10 percent tariffs covering $200 billion of Chinese exports come into effect later today. The early currency moves came in very thin conditions with Japan and China on holiday and were mostly reversed as the morning wore on. The dollar was soon back at 112.60 yen, having been as low as 112.28 at one stage. The dollar was a fraction firmer against a basket of currencies at 94.244, as investors look ahead to an almost certain rate hike from the Federal Reserve on Wednesday. A run of upbeat U.S. economic data has also led markets to price in a much greater chance of a move in December as well, which should give the currency a faster rate advantage over its major counterparts. Trump’s ‘easy-to-win’ trade war doesn’t seem to have done much yet to rectify the U.S. trade imbalance with China or any other country for that matter. And the tax cuts are blowing up the budget deficit.” The euro held at $1.1745, with dealers reporting some relief that German Chancellor Angela Merkel\'s ruling coalition resolved a dispute over the country\'s scandal-tainted spymaster on Sunday, ending a threat to the six-month-old government while the Sterling was last at $1.3079, far below last week\'s top of $1.3297.  The Indian Rupee opened weaker with a huge gap of 27 paisa at 72.47/48 against its previous session’s closing of 72.20/21 and is expected to trade between 72.00 – 72.50 ranges today.
Read more...
 
Dollar Rupee

 
Midday Report

2018-09-24 - MONDAY

The Indian rupee opened weaker and with a huge gap of 27 paisa at 72.47 against its previous session’s close of 72.20, against dollar in early trade, in line with Asian currencies after China scrapped planned trade talks with the U.S. before another round of tariffs take effect. The cancellation is expected to further sour trade relations between the two nations, which are just a few hours away from another round of tariffs. Markets are worried of escalating trade tensions between the U.S. and China, while crude oil prices inching towards $80 per barrel mark is also hurting the rupee. However, foreign banks have been selling dollars since early trade. Month-end demand from importers will be watched for further cues. The benchmark Brent crude oil was last trading up 1.3% at $79.85 per barrel, heading for a third consecutive session of gains, as lower U.S. crude inventories and looming sanctions on Iran outweighed reports of major oil producers mulling to increase output by 500,000 barrels per day. The Brent crude rose to $80.12 per barrel mark on Sep. 21. Also, Indian oil refiners may cut oil imports as crude oil prices soar amid battered currency, Reuters reported citing sources. The Indian government\'s steps to increase dollar inflows will slow the pace of depreciation in the rupee, but won’t reverse its decline, Moody’s Investors Service said. India’s federal government will take all steps to ensure that adequate liquidity is provided to non-banking financial companies, mutual funds and small and medium enterprises, Finance Minister Arun Jaitley said today. The Reserve Bank of India and the Securities and Exchange Board of India are closely monitoring recent developments in the financial markets. As far as the rupee is concerned, another round of selloff on domestic bourses could easily drag the rupee back to 73.00. Our base case, however, is that, rupee would probably heads back below 72.00 on expectations of steps by policymakers. Intraday, the rupee is expected to trade between 72.30 – 72.80 today.
Read more...
 

INR Rates

Symbol   Bid  ASK
USD69.905 69.915
GBP89.87686 89.88385
EUR81.05485 81.06184
JPY0.62791 0.62796
CHF71.07056 71.07778
AUD51.05861 51.08657
SGD51.09268 51.10015
CAD53.50964 53.52603
NZD46.61265 46.64761
*Closing Rates on : 2018-08-24

Stock Indices

IndexPointsChange
BSE Sensex36305.02-536.58
S&P CNX Nifty10967.4-175.7
NASDAQ7531.072-37.963
HangSeng27499.39-454.19
DJ IA26743.586.52
DAX12385.75-45.13
© 2007 MIDAS FOREX
Website Design, Development & Maintenance by Obound
Disclaimer