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World Time

Daily Report

2017-12-15 FRIDAY

The dollar was on the defensive in opening trades today after wrangling over a bill to change the U.S. tax code dented confidence, while the euro sagged after the European Central Bank signaled it would maintain stimulus for as long as needed. The U.S. currency had climbed to a one-month high of 113.750 yen on Tuesday. But it made a U-turn midweek after the Federal Reserve tightened monetary policy as expected but also expressed concern about low inflation. The dollar lost further ground after two U.S. Republican senators were reported to have sought changes to the proposed legislation to overhaul the U.S. tax code. The tax bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats and no Democrats are expected to support it. Negotiations tend to last until the last minute in these kind of situations. So it is not surprising, especially as those seeking changes to the bill were likely emboldened by the Republicanís defeat at Alabama In currencies, The greenback was off 0.2 percent at 112.170 yen, having dropped to an eight-day low of 112.065 overnight. The euro was little changed at $1.1787, after losing about 0.4 percent overnight. The pound inched up 0.1 percent to $1.3442, It had slipped from a near one-week high of $1.3467 the previous day, as markets were disappointed when the Bank of England stuck to its view that interest rates were likely to rise only gradually despite above-target inflation and progress in Brexit talks. Sterling, however, remained clear of a two-week low of $1.3303 plumbed on Tuesday and was headed for a 0.4 percent gain on the week.  The Indian Rupee opened stronger and with a huge gap of 19 paisa at 64.15/16 against its previous sessionís closing of 64.34/35 and is expected to trade in 64.10/64.40 ranges today.
Dollar Rupee

Midday Report

2017-12-15 - FRIDAY

The Indian rupee opened stronger and with a huge gap of 19 paisa at 64.15 against its previous sessionís close of 64.34 and rose further to 64.11 in the opening trades before it came off highs against the dollar, as state-run banks stepped up greenback purchases, likely for the central bank, pruning gains triggered by exit polls predicting comfortable wins for Prime Minister Narendra Modiís Bharatiya Janata Party in Gujarat and Himachal Pradesh state elections. The actual outcome for both the states is due on Dec. 18, which may vary from the exit polls. We believe the central bank will not let the rupee appreciate sharply before the actual outcome of state elections. 64.00 is a crucial resistance for the rupee, a breach of which may open room for further appreciation to 63.80 levels. Overseas, the dollar index, which measures the greenback against a basket of six major rivals, pared gains amid reports that two Republican senators seek changes to the proposed legislation to overhaul the U.S. tax code to lend their support. The tax bill requires majority vote to pass muster. 52 seats out of 100 are held by Republicans, while no Democrat is expected to support the bill. Intraday, we expect the rupee to trade in the range of 64.00 - 64.20 band today.

INR Rates

Symbol   Bid  ASK
USD65.21 65.22
GBP85.80984 85.84244
EUR77.22168 77.24125
JPY0.57831 0.57846
CHF66.12249 66.1292
AUD49.54656 49.5596
SGD48.08642 48.09352
CAD51.18524 51.1973
NZD45.04707 45.07315
*Closing Rates on : 2017-11-15

Stock Indices

BSE Sensex33462.97216.27
S&P CNX Nifty10333.2581.15
DJ IA24651.74143.08
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