Yesterday, Rupee opened
weaker against the US dollar at 73.7975 and touched a high of 74.075. It traded
mainly in the range of 73.80-74.07 tracking rebound in crude oil prices and
weak global sentiments due to the building crisis related to the disappearance
of journalist Jamal Khashoggi. But Dollar sales by PSBs along with lower trade
deficits helped the Rupee to recover to finally close at 73.84. 10yr Tsy yield
touched a high of 7.98% and closed at 7.92%. In equity markets, domestic market
saw another positive session, despite weak global cues and Sensex ended higher
by 132 points while Nifty index ended up 40 points. FPIs bought stocks worth Rs
68 Cr compared to previous day’s net sell of Rs 1,322 Cr, while DIIs invested
Rs 294 Cr (provisional). India Sep trade deficit came at a five-month low of
$13.98 bn compared to $17.4 bn prior, as imports rose 10.45% YoY at $41.9 bn in
Sep vs. $45.24 bn prior and while exports declined 2% YoY.
Overnight US dollar traded sideways during US
session after falling sharply in European trading. US retail sales rose 0.1%
MoM in Sep compared to 0.7% expected. DXY index touched a low of 94.955
yesterday and is currently trading at 95.136 levels. Yesterday, US 10Yr Tsy
yield closed at 3.16% and is currently trading at 3.17% levels. Euro touched a
high of 1.1606 but moved lower to currently trade at 1.1572 levels. Eurozone
Zew economic sentiment is due later today. Italian 10yr closed at 3.54%, down 3
bps as Italian Government approved budget plans and Italian Prime minister said
that Italy would send the draft of its budget to the EU commission as planned
before yesterday’s midnight deadline. EU officials warned that Italy would face
higher borrowing costs due to the proposed budget. Brent crude oil futures are
currently trading flat at $81.05/bbl amid geopolitical tensions over the
disappearance of the prominent US based Saudi journalist. Chinese Yuan is
currently trading weaker at 6.92 after touching a high of 6.9254. Chinese Sep
PPI came in at 3.6% YoY compared to 3.7% expected and 4.1% prior. Yesterday, US
indices closed mixed and Asian equities are mostly mixed today morning.
Rupee has opened stronger at 73.80 against the
US dollar. Indian domestic equity markets are trading on a positive note today
while 10Yr Gsec is currently at 7.94%.For the day, we expect $/INR to trade in
the range 73.68-74.04.
Rate for remittance to India @ 49.77 (20.09) @ 9.30 AM
(Rates are subject to change during market hours. Please contact branches for rates for other value dated credits)
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