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2019-05-20 MONDAY

The Australian dollar got a boost against the greenback in Asian market opening trades today, following a surprise election victory by the country’s conservative government, the reaction was relatively large because the result was unexpected while the yen dipped slightly on a recovery in market sentiment. What’s really surprising is, election results in the past haven’t been a big driver for the Australian dollar. A change of government doesn’t usually lead to a big change of policy. The Aussie also found support on a statement from China’s central bank on Sunday that it would maintain the stability of its Yuan within a reasonable and balanced range. In currencies, the dollar gained 0.1% to 110.195 against the Yen, building on last week’s gains, when it booked its first weekly gain against the Japanese currency in five weeks. The euro was a shade higher at $1.1161, recovering slightly after dropping last week on comments from Italian Deputy Prime Minister Matteo Salvini that European Union rules harm his country, while the pound sterling was trading a shade lower at 1.2736.  The Indian Rupee opened stronger with a huge gap of 72 paisa at 69.50/51 against its previous session’s close of 70.22/23 and is expected to trade with a bullish tone between 69.25– 70.00 ranges today. The exit poll results have indicated a majority and a second continuous term for the ruling Modi’s government.
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Dollar Rupee

 
MIDDAY REPORT

Monday 20th May, 2019

 

The Indian rupee opened stronger and with a huge gap of almost 72 paisa at 69.4950/5050 against its previous session’s close of 70.22 and surged to a near two-week high against the dollar in early session, after most exit polls predicted a second term for Prime Minister Narendra Modi.  Most exit polls released yesterday showed that the ruling Bharatiya Janata Party-led National Democratic Alliance will retain power. Eight out of 10 exit polls predicted that the NDA would win more than the 272-seat majority mark, while two forecast that the Modi-led alliance would fall just short of the majority. At the higher end of the estimates, the NDA was expected to win around 350 sets and the lowest projection was of it winning 242 seats.  A gap-up opening in the rupee came after various exit polls indicated victory for the ruling party. However, investors remain cautious of the actual outcome, due later this week, as these polls have been inaccurate in the past.  Further gains in the local unit were capped as a large state-run bank and a European lender bought dollars, likely on behalf of importers.  Unwind of precautionary hedges may drive INR strength, but overall outcome seems close with broad market expectations. Hence, follow through price action of INR at least into the final vote count and result declaration on May 23 will likely be consistent with broad USD trend.  Meanwhile, crude oil prices rose, with the benchmark Brent crude contract surging above $73 per barrel, after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to continue limiting supplies, Reuters reported. It was last trading 1.4% higher at $73.22 per barrel. The Indian economy is passing through a rough patch because a lot of data indicators are showing a slowdown, so people will wait for announcements from the new government/cabinet to see what policies will be made.  Intraday, today the rupee is expected to trade with a bullish bias between 69.35 -69.75 ranges

 

 

 

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INR Rates

Symbol   Bid  ASK
USD69.355 69.365
GBP90.09215 90.11295
EUR77.92034 77.92728
JPY0.61963 0.61968
CHF68.33005 68.34352
AUD49.57495 49.58189
SGD51.17695 51.18072
CAD51.85808 51.87748
NZD46.35688 46.37075
*Closing Rates on : 2019-04-19

Stock Indices

IndexPointsChange
BSE Sensex39352.671421.9
S&P CNX Nifty11828.25421.1
NASDAQ7503.68-76.462
HangSeng27787.61-158.85
DJ IA25764-98.68
DAX12061.6-177.34
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