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2019-02-18 MONDAY

The dollar was marginally weaker in Asian Market opening trades today, as increasing expectations of a U.S.-Sino trade deal led investors to shift away from the safety of the greenback into riskier assets. Both the United States and China reported progress in five days of negotiations in Beijing last week, although the White House said much work remains to be done to force changes in Chinese trade behavior. Negotiations will continue next week in Washington as investors hope for an end to the trade war between the world’s two largest economies. Trade is the big focus for the markets...with talks shifting from Beijing to Washington, we could get more news flow. In currency trading, the yen was marginally higher versus the greenback at 110.53. The single currency was marginally higher at $1.1319 after two straight weeks of losses. Traders are betting on a weaker euro in the coming months as they expect the European Central Bank to keep its monetary policy accommodative due to low growth in the common area, tepid inflation and political uncertainties, while the sterling was up by 0.1 percent to $1.2903, building on its gains from Friday.  The Indian Rupee opened weaker with a gap of 09 paisa at 71.31/32 against its previous session’s close of 71.22/23 and is expected to trade between 71.10 – 71.60 ranges today. (NEW YORK FOREX MARKET CLOSED TODAY FOR WASHINTON’S BIRTHDAY)
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Dollar Rupee

 
Midday Report

2019-02-18 - MONDAY

The Indian rupee opened weaker by 09 paisa at 71.31 against its previous session’ close of 71.22 and is trading lower against the dollar in early session, underperforming other regional currencies, after India’s trade deficit widened on a sequential basis to more-than-expected levels. In addition to worries on the oil front, rupee has to contend with the consistent weakness in domestic equities. Indian equities today are once again underperforming and this trend is likely to continue on account of rising political risk premiums. India’s BSE Sensex was trading 0.5% lower, heading for its eighth consecutive daily decline. The index in that period has lost 3.5%, compared to a 1.4% rise on the S&P 500 Index. Rupee was further pressured on concerns over oil prices. Brent crude rallied by 6.7% last week, taking its advance since last December lows to well over 30%. Brent was trading little changed at $66.22 in early Asia trading today. Meanwhile, other Asian currencies rose and dollar index extended losses. Dovish comments by a Fed official further weighed on the dollar. On Feb. 15, San Francisco Federal Reserve Bank President Mary Daly signaled that the U.S. central bank may not raise rates this year amid muted inflation. Most Asian currencies and equities are trading higher on US and China trade talk’s hopes. Trump reportedly said on Friday that US was closer than ever before to reaching a trade deal with China. Following another leg higher on oil, the dollar/rupee pair may finally break higher out of its current consolidation phase and head towards 72.00. Intraday, the rupee is expected to trade between 71.20- 71.60. ranges today. Tomorrow Mumbai Forex market is closed for SHIVAJI JAYANTHI HOLIDAY
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INR Rates

Symbol   Bid  ASK
USD71.18 71.19
GBP91.67984 91.71543
EUR80.91742 80.95301
JPY0.64833 0.64851
CHF71.47304 71.50176
AUD51.00759 51.04318
SGD52.38446 52.39603
CAD53.69644 53.71265
NZD47.98244 48.01091
*Closing Rates on : 2019-01-19

Stock Indices

IndexPointsChange
BSE Sensex35352.61-145.83
S&P CNX Nifty10604.35-36.6
NASDAQ7055.17932.76
HangSeng28228.13-118.88
DJ IA25883.25443.86
DAX11254.37-44.83
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