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The rupee settled at 71.0750 against 71.1175 at the previous close.
The local unit moved in 71.85‐71.19 per dollar band intra‐day.
The Indian rupee fell for the second straight month to post its
biggest monthly fall in three against the dollar, as fiscal worries and
Indian Rupee surge in crude oil prices spurred outflows from local assets. Outflows
from both local shares and bond markets dragged rupee lower this
month, and so far the view remains that it is likely to continue in the
next month as well from the equity market ahead of elections.
Globally trend of equities has improved, which boosted gains in oil
prices as well spurring further outflows. Further move will be
influenced by what is announced in the budget tomorrow.
The dollar extended losses against its major rivals on Thursday,
plumbing three‐week lows after the Federal Reserve dialed back its
predictions of future rate hikes this year, amid increasing uncertainty
over the global economic outlook. The Fed left interest rates on hold
at the conclusion of its meeting on Wednesday and said it would be
Global Currency "patient" before making any further rate hikes, dropping its guidance
that ‘further gradual’ rate rises will be needed.
The euro pushed higher, with EUR/USD advancing 0.23% to 1.1504
as the dovish Fed offset a sharp slowdown in German retail sales in
December.
Oil prices steadied after two days of gains on Thursday, as lower‐
than‐expected U.S. fuel stock rises and U.S. sanctions on Venezuelan
output boosted investor confidence but U.S.‐China trade tensions
weighed on sentiment.
Global Market Gold inched up on Thursday, holding near a multi‐month peak after
the U.S. Federal Reserve paused its monetary tightening cycle,
denting the dollar and putting bullion on track for its fourth straight
monthly gain.
Global Markets at one Glance
Markets at 5.00pm In INR % Change Index Today % Change
USD/INR 71.085 71.085 ‐0.18 NIFTY 10830.95 1.68
Key Events of the Day
71.25
71.2
71.15
71.1
71.0750
71.05
71
70.95
70.9
70.85
16:35 12:35 16:35 12:35 16:35 12:35 16:35
Jan 28 19 Jan 29 19 Jan 30 19 Jan 31 19
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