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World Time

Daily Report

2018-03-16 FRIDAY

The dollar held gains against a basket of peers in the opening trades today, as recent concerns about the currency arising from trade tensions eased slightly and next week’s Federal Reserve policy meeting came into focus. The greenback, however, dipped versus the yen following a report by the Washington Post that U.S. President Donald Trump has decided to remove H.R. McMaster as his national security advisor. Earlier this week, the U.S. currency took a hit after Trump dismissed Secretary of State Rex Tillerson as investors grew increasingly nervous about White House personnel changes. The greenback was down about 0.5 percent on the week against the safe haven yen, which was boosted earlier as a political scandal engulfed Japanese Prime Minister Shinzo Abe, casting doubts on the sustainability of his economic stimulus policies. The best explanation for the impact the ongoing personnel changes taking place in the White House is that the dollar stands to weaken as it gets easier for President Trump to pursue protectionist policies. In currencies, the dollar was 0.4 percent lower at 105.900 yen, though managing to stay above an eight-day low of 105.790 set yesterday. The euro edged down 0.1 percent to $1.2302 after declining 0.5 percent overnight. The common currency was little changed on the week, failing to make much headway against its struggling U.S. peer as the European Central Bank has stressed that its exit from easy monetary policy would be very slow, while the pound sterling traded lower at 1.3930. The Indian Rupee opened weaker and with a gap of 05 paisa at 64.98/99 against its previous session’s closing of 64.93/94 and is expected to trade between 64.80/65.10 ranges today.   The Indian Rupee opened weaker and with a gap of 05 paisa at 64.98/99 against its previous session’s closing of 64.93/94 and is expected to trade between 64.80/65.10 ranges today.
Dollar Rupee

Midday Report

2018-03-16 FRIDAY

The Indian rupee opened weaker and with a gap of 05 paisa at 64.98 against its previous session’s close of 64.93, and was little changed against the dollar, as the nation’s trade deficit narrowed for the first time in three months in February, offsetting early losses trigged from overnight strength in the greenback. A large private lender along with few other banks sold dollars earlier, helping the rupee trim losses. Some long-dollar positions built overnight were also cut amid expectations that dollar inflows from ongoing IPOs will support the rupee. India’s trade deficit narrowed in February to $11.98 billion from $16.30 billion in the previous month. It was also the lowest since September. The gap was at $9.52 billion in the same month a year earlier. While a 25-basis-point rate hike by the Fed is a near certainty next week, what is uncertain is whether the authority would tweak its projections for interest rates for the rest of 2018. Meanwhile, the three-month U.S. London interbank rate continued to rise ahead of the Fed decision, reaching levels last seen towards the end of 2008. India will engage in consultation with the U.S. and resolve differences on policy through negotiation, Trade Secretary Rita Teaotia said yesterday, after the world’s largest economy launched a trade challenge against Indian export subsidy schemes at the World Trade Organization. As far as the rupee is concerned, with too much uncertainty globally, it would be difficult for rupee to stage any meaningful rally. Our bias is towards buying the dips so long as 64.80 holds. Intraday, we expect the rupee to trade in the range of 64.80 -65.00 band today.

INR Rates

Symbol   Bid  ASK
USD64.0875 64.0975
GBP88.7676 88.79323
EUR79.12243 79.14806
JPY0.5965 0.59655
CHF68.62351 68.65292
AUD50.392 50.40482
SGD48.56585 48.56953
CAD50.94801 50.97232
NZD46.83515 46.86078
*Closing Rates on : 2018-02-14

Stock Indices

BSE Sensex33176-509.54
S&P CNX Nifty10195.15-165
DJ IA24946.5172.85
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