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The Indian rupee little changed at 71.10 pair now at 71.13 against
71.0750 previous close.
Pair to tip in 70.80‐71.40 range today.
The Indian rupee was slightly lower against the dollar in early trade,
Indian Rupee as investors awaited the fiscal deficit estimates, which the
government will detail in today’s interim budget announcement. All
eyes will be on the fiscal deficit numbers, while any comments on
farm loan package and its impact on the fiscal deficit for next year
will drive the rupee. We expect a volatile session and will not be
surprised if the central bank is present on both sides of the trade to
curb volatility.
India's financial markets were steady on Friday morning as traders
remained on the sidelines, awaiting details on the extent to which
the government will spend on populist measures in a pre‐election
budget due later in the day.
Global Currency Prime Minister Narendra Modi's government is expected to try and
shore up its political support with big ticket farm giveaways and tax
cuts for the middle class in its final federal budget on Friday, months
before elections. by opposition parties' victories in three state polls
in December and an impending national elections by May, Modi has
already exempted many small businesses from paying taxes under a
unified goods and services tax (GST). He is likely to do more to win
back more voters including farmers and youth.
Oil prices held steady on Friday, torn between hopes the US and
China could soon settle their trade disputes and new data raising
fresh concerns over China's economic slowdown. Crude oil were at
$60.87 per barrel.
Global Markets First it was palladium's turn and now gold is racing to new highs
above $1,300 an ounce, leaving other precious metals in the dust.
Gold chalked up its fifth‐straight day of gains as January trading.
Global Markets at one Glance
Index
Markets Today In INR % Change Today % Change
USD/INR 71.1775 71.1925 0.32 NIFTY 10869.6 0.36
EUR/USD 1.14409 81.40 0.2 SENSEX 36404.79 0.41
GBP/USD 1.30956 93.15 0.19
BANK NIFTY 27304.95 0.03
USD/JPY 108.858 0.65 0.24
SGX NIFTY 9347.5 0.33
SEK/INR 9.0579 7.8581 0.0135
DKK/INR 6.3537 11.2025 0.0325 NIKKEI 20773.49 1.06
Key Events of the Day
71.25
71.2
71.1800
71.15
71.1
71.05
71
70.95
70.9
70.85
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