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2018-11-20 TUESDAY

The dollar hit a near two-week low against its peers in opening trades today, with sentiment soured by Federal Reserve caution on the global outlook and weak data at home, pointing to slower rate hikes. The recent remarks by Fed executivesí led some traders to question whether the dollarís rally was nearing its end, with the benchmark U.S. 10 year treasury yields pulling back slightly. The dollar index, a gauge of its value versus six major peers, traded relatively unchanged at 96.22 today. The index fell nearly half a percent last week, its biggest weekly drop since late September. The greenback was also weighed by surprisingly weak housing data, which pushed down U.S. 10 year bond yields. In currency trading, the Japanese yen changed hands at 112.60. It had hit 112.38 earlier in the trading session, its highest level in November. The euro was well bid in early Asian trade at $1.1456. The single currency has gained two percent versus the dollar over the last five trading sessions despite the ongoing standoff between the European Union and Italy over its free-spending budget, which breaks EU fiscal norms, while the sterling gained 0.1 percent to trade at $1.2860. The pound is seen likely to trade sideways until the market gets more clarity on progress in the Brexit deal.  The Indian Rupee opened stronger with a gap of 19 paisa at 71.45/46 against its previous sessionís closing of 71.64/65 and is expected to trade between 71.20- 71.60 ranges today.
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Dollar Rupee

 
Midday Report

2018-11-20- TUESDAY

The Indian rupee opened stronger and with a huge gap of 19 paisa at 71.45 against its previous sessionís close of 71.64, and strengthened further to 71.2850 in early trading as RBI statement after yesterday\'s marathon 9-hour board meeting indicates truce between New Delhi and central bank. . RBI meeting outcome ďbasically a green signal for rupee bulls. RBI board agrees to constitute expert committee to examine monetary authorityís economic capital framework, delays implementation of capital norm for commercial lenders, and calls for potential reassessment of restructuring of stressed MSME loans and PCA norms. End-result of meeting positive for INR assets. Also, Dollar index little changed at 96.17 after closing at two-week low yesterday amid weak housing data and Wall Street selloff. Brent down 0.4% at $66.54 especially in light of oil maintaining its recent decline. The rupee has been the top performer among the Asian units following the RBIís board meeting, which ended with RBI and New Delhi reaching a compromise, thereby avoiding any setbacks to the financial markets. Some importersí demand is expected as the levels remain attractive, while volumes will remain muted ahead of holidays. Indian money market will remain closed tomorrow for a local holiday, while the financial markets will be closed again on Nov 23 for a holiday. Intraday, the rupee is expected to trade between 71.20 -71.60 ranges.
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INR Rates

Symbol   Bid  ASK
USD73.32 73.33
GBP95.82191 95.85857
EUR84.41332 84.43531
JPY0.65139 0.6515
CHF73.56276 73.59229
AUD52.19651 52.23317
SGD53.21141 53.23072
CAD55.96519 55.98229
NZD48.33254 48.36187
*Closing Rates on : 2018-10-20

Stock Indices

IndexPointsChange
BSE Sensex35474.51-300.37
S&P CNX Nifty10656.2-107.2
NASDAQ6642.917-224.098
HangSeng25840.34-531.66
DJ IA25017.44-395.78
DAX11136.45-108.09
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