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International Forex Market Rates for USD, Euro and Pounds provided below was last updated on Feb 03 ~ 11:30 - Indian Standard Time.
Last Updated in part or full on Monday, February 03, 2020 - 10:24 am (GMT +05:30:00)
Trend Indicators against INR
- - - - - - - - - - - - - - - - -USD - - - - - - - - - EURO - - - - - - - -GBP - - - - - -
Today range --------71.45 to 71.80------------------------------------------------
& Current month----70.50 to 72.00-----------------------------------------------
The Indian rupee opened flat against the dollar at 71.63/64 weighed by the selloff in local equities after the federal budget. The onshore Chinese yuan’s fall after mainland market reopened is further expected to damp the rupee.
SPOT/INR:The Indian rupee ended stronger at 71.34/35 against dollar from its previous close of 71.48/49 on worries about the likely economic fallout of the China coronavirus that rattle global market but dragged oil prices lower supporting the local unit.
FORWARD PREMIUM: Forward dollar/rupee premium are likely to take cues from the spot.
will hit demand in the world's second-largest economy. Aiming to head off any panic, the Chinese government took a range of steps to shore up an economy hit by travel curbs and business shut-downs because of the epidemic, including cutting its key interest rate. Despite the measures, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, on track for its eighth straight day of losses. Chinese shares slumped at the open with the blue-chip index down about 7%. Japan's Nikkei stumbled 0.9% while Australia's benchmark index skidded 1.2%, while New Zealand shares dropped 1.5%. A total of 361 people have died in China from the coronavirus with the first death out of the mainland reported on Sunday in the Philippines. In a bid to cushion the impact on China's economy, the country's central bank cut reverse repo rates by 10 basis points and injected 1.2 trillion yuan ($173.8 billion) of liquidity into the markets on Monday. Beijing also said it would help firms that produce vital goods resume work as soon as possible, state broadcaster CCTV reported. Still, analysts expect Chinese onshore equity markets to remain under pressure as the number of infections is still likely to increase in the weeks ahead. Economists at Citigroup said the steps taken by Chinese authorities were "unlikely to be sufficient to curtail a sharp downturn in Q1." Citi revised its full-year forecast for China's GDP growth to 5.5% in 2020 from 5.8%. It also cut first-quarter growth expectations to 4.8%, compared with 6% in the fourth quarter of 2019. JPMorgan shaved its forecast for global growth by 0.3 percentage points for this quarter. E-Mini futures for the S&P500 added 0.6%, pointing to a positive start for Wall Street on Monday. On Friday, the Dow fell 2.1%, the S&P 500 declined 1.8% and the Nasdaq Composite dropped 1.6% as economists tempered their outlook for China while cconomic data out of the United States and Europe together with a mixed batch of corporate earnings also added to the gloom. In currencies, the safe-haven Japanese yen held near a 3- 1/2-week high against the dollar at 108.57 after adding about 1.5% in the last two weeks. The risk-sensitive Australian dollar, which is often traded as a liquid proxy for the Chinese yuan, tumbled 2% last week to hit a four-month trough of $0.6683. It was last up 0.2% at 0.6701. The dollar index, which measures the greenback against a basket of major currencies, was a shade higher at 97.475.
POSITIVE FACTORS FOR RUPEE:
1. Continuous foreign fund flows and Domestic Political Stability.
FACTORS AGAINST RUPEE:
1. Demand from importers. (Oil & Defence),
2. Due to Geopolitical Tensions and Trade war between US and China
|Currency||For Export||For Import||Month||For Export||For Import|
|Indicative Rates||Indicative Forward Rates|
|Indicative Cross Rates||MAR 2020||71.75||72.08|
Note: This information is given only for guidance purpose without any obligation on the part of TMB or any of its officials. Any person dealing on the basis of the said information does so at his own risks and no objection arises to TMB or any of its officials. All such trading involves risks.
Exchange Rates Information last updated in part or full on Monday, February 03, 2020 - 10:24 am (GMT +05:30:00) for ready transactions. All quotations are per unit of Foreign Currency (Japanese Yen in 100 Units).
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