Last Updated on: 19/07/2024
TODAY: Friday, 19th July, 2024
USD/INR:
USD/INR continues to appreciate, trading around 83.60 during the early European session on Friday. The Indian Rupee (INR) has avoided testing an all-time low at 83.7190 against the US Dollar (USD), likely due to anticipated intervention by the Reserve Bank of India (RBI), according to market participants.
The upside of the USD/INR pair can be attributed to the strengthening of the US Dollar amid increased risk aversion. The Greenback is also bolstered as US Treasury yields continue to improve. However, the USD's upside potential may be constrained by soft labor data, which enhances market expectations for a Federal Reserve (Fed) rate cut in September.
MAJOR WORLD CURRENCIES:
USD:
The dollar has bounced Thursday after falling to its lowest level since March during the previous session.
Confidence that the U.S. Federal Reserve will start cutting interest rates at its next meeting in September, to boost a slowing economy, has weighed heavily on the greenback.
Economic data due later in the session are likely to show an increase in weekly initial jobless claims, while the Philadelphia Fed manufacturing index is set to indicate a slight improvement in conditions.
EUR/USD:
The EUR/USD pair corrects further to near 1.0870 in Friday’s European session. The major currency pair weakened due to multiple headwinds: firm speculation that the European Central Bank (ECB) will cut interest rates two times more this year and a sharp recovery in the US Dollar (USD).
On Thursday, the ECB left key rates unchanged at their current levels. ECB President Christine Lagarde refrained from committing to a pre-defined rate-cut path.
In Friday’s late Asian trading hours, ECB policymaker Francois Villeroy de Galhau said in an interview on French radio BFM Business that market expectations for the ECB delivering two more rate-cuts this year, with resuming the policy-tightening campaign from the September meeting and following in December as appropriate.
GBP/USD:
The GBP/USD pair prolongs its corrective decline from a one-year peak, around the 1.3045 region touched earlier this week and drifts lower for the second successive day on Friday. Spot prices drop to the 1.2935-1.2930 area, or a fresh weekly low during the Asian session amid some follow-through US Dollar (USD) buying, albeit lack bearish conviction.
Concerns over a renewed trade war between the US and China, along with persistent geopolitical tensions, temper investors' appetite for riskier assets. This led to the overnight slump in the US equities and led to a downfall across Asian markets, which assists the safe-haven buck to build on its recovery from nearly a four-month low and acts as a headwind for the GBP/USD pair. That said, dovish Federal Reserve (Fed) expectations might hold back the USD bulls from placing aggressive bets and lend some support to the currency pair.
Gold
Gold price (XAU/USD) extends its losing streak for the third trading day, declining to near $2,410 in Friday’s European session. The precious metal faces profit-booking after rallying to fresh all-time highs above $2,480 on Tuesday. The yellow metal has also been weighed down by a decent recovery in the US Dollar (USD) and bond yields amid growing speculation that the Republican Party will be victorious in the United States (US) Presidential elections later this year.
The expectations for Donald Trump returning as US President increased after an assassination attack on him. Meanwhile, increasing prospects that US President Joe Biden could drop his re-election bid due to medical conditions have also fuelled chances of Trump having a victory in the Presidential elections. Trump is known for favoring protectionist trade policies, which improves the US Dollar’s appeal.
USD/INR as on 18th July, 2024
Currency
OPEN
HIGH
LOW
CLOSE
USD/INR
83.5775
83.6625
83.55
83.65
Forward premium (%) as on 18th July, 2024
Periods
1 Month
3 Month
6 Month
12 Month
Premium
0.99/1.13
1.17/1.22
1.36/1.39
1.74/1.75
USD/INR Cash/Tom/Spot Levels: (in Paisa)
(Updated as on 18th July 2024, @ 09.00am)
Cash/Tom: 0.15/1.75 Cash/Spot:0.20/2.40
Tom/Spot: 0.05/0.75 Spot/Next: 0.05/0.75
Cash Date: 19.07.2024
Tom Date: 22.07.2024
Spot Date: 23.07.2024
Outlook for the day 19th July, 2024
Rupee expected to trade in range of 83.50-83.65
MAJOR WORLD CURRENCIES: as on (18th July , 2024)
CURRENCY
GBP
1.3008
1.3012
1.2937
1.2941
EUR
1.0936
1.0940
1.0892
1.0896
AUD
0.6728
0.6743
0.6696
0.6705
JPY
156.14
157.39
155.36
157.37
CHF
0.8837
0.8878
0.8818
0.8875
XAU
2459.87
2474.82
2440.21
2444.96
Foreign Currencies
Updated: 17:30 hrs. (12:00 GMT) on 18th July , 2024
USD/INR: 83.6550 [FXIR]
Against
USD
INR
1 EUR =
1.0927
91.4098
1 GBP =
1.2981
108.5926
100 JPY =
156.49
53.4571
1 AUD =
0.6731
56.3082
1 CHF =
0.8842
94.6109
Precious Metals
Updated: 17:30 hrs. (12:00 GMT) as on 18th July , 2024
Gold ($/oz)
2466.95
Silver ($/oz)
30.86
Stock Indices
Index Close
16th July , 2024
18th July , 2024
BSE Sensex
80716.55
81343.46
NSE Nifty
24613
24800.85
Dow Jones
41198.08
40665.02
NASDAQ
17996.92
17871.22
Major Economic Data Releases for the Day
Date
Region
Time (IST)
Description
19/07/24
11.30 AM
Retail Sales m/m
y/y
CAD
06.00 PM
Core Retail Sales m/m
08.10 PM
FOMC Member Williams Speaks
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