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Daily Report

2019-04-24 WEDNESDAY

The dollar hovered near a 22-month high against its peers in Asian Market opening trades today, after strong U.S. housing data further eased concerns of a slowdown in the world’s biggest economy. Data showing sales of new U.S. single-family homes jumped to a near 1-1/2-year high in March added to recent positive readings in retail sales and exports. The United States is now expected to have experienced firm growth in the first quarter, reinforcing the dollar’s strength relative to the euro. U.S. first quarter GDP data on Friday could strengthen the case that while the current period of global expansion is in its late stages, the United States is on a firmer footing compared with other leading economies. In currencies, the dollar was steady at 111.885 yen after suffering mild losses overnight, weighed by a decline in long-term Treasury yields. The euro, which has the largest weighting within the dollar index, was a touch lower at $1.1219 after shedding 0.25 percent the previous day while the British pound was steady at $1.2935.  The Indian Rupee opened weaker with a huge gap of 20 paisa at 69.82/83 against its previous session’s close of 69.62/63 and is expected to trade with a bearish tone between 69.50 - 70.00 ranges today.
Dollar Rupee

Midday Report 24-04-2019


The Indian rupee opened weaker with a huge margin of 20 paisa at 69.82 against its previous session’s close of 69.62, slumping to a six-week low against the dollar in early trade, as strong U.S. housing data lifted the dollar index to its highest in almost two years, overshadowing rising dollar/rupee forward premiums amid abundant dollar liquidity.  Jump in the greenback has outweighed the impact of fall in crude oil prices as well as excessive dollar liquidity after yesterday’s forex swap auction.  The higher number of bids in yesterday’s dollar/rupee swap auction perhaps indicates there is significant paying interest left in the market. We expect importers to step up greenback purchases, while intervention by the central bank will be watched at around 70 levels.  Yesterday, the Reserve Bank of India received bids of $18.7 billion for the 3-year USD/INR swap, more than three times the notified amount of $5 billion. The cutoff on yesterday's dollar-rupee swap was at 8.38 rupees, higher than 7.76 in the previous auction in March.  On the back of the auction results, the one-month forward premium climbed to 35 paisa and the one-year premium rose to 3.22 rupees. At the end of last week, one-month premium was at around 28 paisa and one-year at 2.84 paisa.  Meanwhile, crude oil prices were trading lower, heading for their first fall in four sessions. Prices had jumped to near-six- month high in recent sessions after U.S. announced that all importers of Iranian oil will have to end their imports by May 1 or face U.S. sanctions. Intraday, today the rupee is expected to trade between 69.60 -70.00 ranges. 



INR Rates

Symbol   Bid  ASK
USD68.95 68.96
GBP91.11053 91.14501
EUR77.99624 78.03072
JPY0.62716 0.62733
CHF69.37318 69.40111
AUD48.84418 48.87866
SGD50.97213 50.99098
CAD51.40535 51.42069
NZD47.40313 47.4376
*Closing Rates on : 2019-03-23

Stock Indices

BSE Sensex38681.24116.36
S&P CNX Nifty11613.2537.3
DJ IA26656.39145.34
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