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2018-07-20 FRIDAY

The dollar was on the defensive against the yen and euro in opening and early trades today, after U.S. President Donald Trump expressed concern about the currency’s strength and the Federal Reserve’s interest rate increases. Trump showed displeasure about the Fed’s monetary tightening, saying that he was worried about its potential impact on the U.S. economy and American competitiveness. The White House later said in a statement that the president respects the U.S. central bank’s independence and was not interfering with its policy decisions. The market was caught a bit off guard. The discussions and debates around trade policy have not necessarily involved foreign exchange so far. Now it looks like Trump is criticizing Yuan and euro weakness and the dollar’s strength. I guess that has taken people a bit by surprise. In currency trading today, aagainst the Japanese yen, the dollar recouped some of its losses after dropping as low as 112.05 yen from a six-month high of 113.18 yen touched yesterday. It was down 0.1 percent on the day at 112.38 yen early today. The euro was 0.1 percent stronger at $1.16545, in the aftermath of Trump\'s remarks after dipping to a nearly three-week low of $1.1575, while the pound sterling was up at 1.3013 from it’s low of 1.2955 touched yesterday.  The Indian Rupee opened marginally stronger by 03 paisa at 68.01/02 against its previous session’s closing of 69.05/06 and quickly rose to 69.12 tracking a weak Chinese Yuan before RBI intervened and brought it under control and is currently trading at 68.98. Today, the rupee is expected to trade between 68.85 – 69.15 ranges.
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Dollar Rupee

 
Midday Report

2018-07-20 FRIDAY

The Indian rupee opened marginally stronger by 03 paisa at 69.0150 against its previous session’s close of 69.0450 and slumped to a record (69.1225) against the U.S. dollar, tracking the Chinese Yuan’s fall to its weakest in more than a year, as a trade dispute between the world\'s two largest economies intensified. The currency pared its losses after hitting the record low as state-run and private banks likely sold dollars on behalf of RBI. The onshore Yuan tumbled towards 6.8 against the dollar to its lowest level since July 2017. The Yuan has weakened almost 6% since the start of June as rising trade tensions pummel Chinese assets, dragging other emerging market currencies and equities. The weakness in the rupee is the result of what’s happening in the emerging markets. We will have to watch markets a couple of days more and see how much longer the current bout in the emerging markets lasts. The rupee and other Asian currencies have also been pressured by the rise in the dollar index and U.S. short term interest rates amid expectations of additional monetary tightening by the Federal Reserve. India\'s external position is also said to be under threat with most brokerages expecting the current account deficit to widen this fiscal year amid rising crude oil prices and outflows from equity and debt markets. India\'s foreign exchange reserves fell for a fourth consecutive week to $405.81 billion as on Jul. 6. Foreign exchange reserves had jumped to a record $426.08 billion as of the week ended Apr. 13. The decline to a new record low (for the rupee) was inevitable, considering what is happening on Yuan. Intraday, today the rupee would be very volatile under the watchful eyes of the RBI and trade between 68.85 -69.15 ranges.
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INR Rates

Symbol   Bid  ASK
USD68.38 68.39
GBP89.96073 89.98808
EUR78.95155 78.9789
JPY0.62249 0.62266
CHF68.62017 68.65462
AUD50.27981 50.30717
SGD50.28681 50.2979
CAD51.47933 51.5026
NZD47.12066 47.14117
*Closing Rates on : 2018-06-19

Stock Indices

IndexPointsChange
BSE Sensex36533.82182.59
S&P CNX Nifty11013.5556.45
NASDAQ7352.357-37.769
HangSeng28230.54219.68
DJ IA25064.5-134.79
DAX12708.77-57.17
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