NRI Newsletter - Market News

NRI Newsletter - Market News

 

DATE: Friday, 24th March, 2017


USD/INR: as on 23rd March, 2017

The rupee remained shaky for the second-straight session and ended lower by 8 paise at 65.5250 against the US currency due to bouts of dollar demand from importers and banks. Despite a strong start, the home currency failed to make much ground in the face of steady dollar demand. But, positive local equities and sluggish dollar overseas capped the losses. At the Interbank Foreign Exchange (Forex) Market, the local unit resumed higher at 65.40 compared to overnight closes of 65.4450 on fresh selling of the US currency by exporters and advanced further to 65.3750. However, the initial positive momentum failed to gain ground with the currency retreating to hit a fresh intra-day low of 65.57 in late afternoon deals before ending at 65.5250, showing a loss of 8 paise.

USD/INR as on 23rd March, 2017

Currency

OPEN

HIGH

LOW

CLOSE

USDINR

65.4000

65.5700

65.3750

65.5250

Highest till date: 68.8650 on 24th November, 2016

 

Forward premium(%) as on 23rd March, 2017

Periods

1 Mth

3 Mth

6 Mth

12 Mth

Premiums

5.24/5.58

5.01/5.13

4.89/4.95

4.77/4.80










 

 

USD/INR Cash/Tom/Spot Levels: (in Paisa)                                      

(Updated as on 24th March, 2017 @10.00am)

 

Cash/Spot: 3.00/6.00         Cash/Tom: 2.00/3.00

 Tom/Spot: 1.00/3.00         Spot/Next: 0.50/1.50

 

Cash Date:     24th March, 2017  

Tom Date:      27th March, 2017  

Spot Date:      29th  March, 2017  

 

 

 

 

MAJOR WORLD CURRENCIES: as on 23rd March, 2017

USD: The dollar steadied against a basket of major currencies on Thursday, after the release of mixed economic data. The dollar broke its two-day losing streak, after the release of better than expected new home sales data while initial jobless claims rose faster than expected. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.08 percent to 99.56.

EUR: The euro traded slightly lower against its American counterpart on Thursday. EUR/USD largely traded in a range between 1.0766 and 1.0804 during the session, before finally settling for the day at 1.0780, showing a slight decline of 14 pips, or 0.12 percent.

GBP: Sterling jumped to a nearly one-month high against the dollar on Thursday after retail sales data in the United Kingdom came in much better than expected, soothing worries about weakening consumer sentiment in Britain as it prepares to leave the European Union. The numbers bolstered speculation that the Bank of England might be able to raise interest rates at least once in the next year, driving the pound half a cent higher.GBP/USD touched highs of 1.2530 after the news release, before closing at 1.2519, showing a gain of 0.30% for the day.

GOLD: Gold prices ended modestly lower on Thursday, on some mild profit-taking after recent gains pushed the market to a three-week high earlier on the day. Spot Gold was last seen for the day at $1244.80 per ounce, down 0.29 per cent on the session.

Outlook for the day (24th March, 2017)

USD/INR is expected to trade in a range between 65.35 and 65.60. Major currencies are expected to be lower against the Greenback.

 

MAJOR WORLD CURRENCIES:

as on 23rd March, 2017

 

CURRENCY

OPEN

HIGH

LOW

CLOSE

EUR/USD

1.0794

1.0804

1.0766

1.0780

GBP/USD

1.2482

1.2530

1.2459

1.2519

AUD/USD

0.7674

0.7679

0.7618

0.7626

USD/JPY

111.15

111.57

110.60

110.93


Foreign Currencies

(Updated: 17:30 hrs. on 23rd March, 2017)

 

USD/INR: 65.5250

Against

USD

INR

1 EUR    =

1.0784

70.66

1 GBP    =

1.2495

81.87

100 JPY  =

0.9016

59.08

1 AUD    =

0.7636

50.03

1 CHF    =

1.0074

66.01


Precious Metals

(Updated: 17:30 hrs on 23rd March, 2017)

 

Gold ($/oz)

1247.33

Silver ($/oz)

17.61


Stock Indices

(As on 23rd March, 2017)

 

Index Close

22nd March

23rd March

BSE Sensex

29167.68

29332.16

 NSE Nifty

9030.45

9086.30

Dow Jones

20661.30

20656.58

NASDAQ

5821.64

5817.69

 

 

Major Economic Data Releases for the Day

Date

Region

Time(IST)

Description

24.03.17

EUR

01:30 PM

French flash manufacturing PMI

French flash services PMI

24.03.17

EUR

02:00 PM

German flash manufacturing PMI

German flash services PMI

24.03.17

EUR

02:30 PM

Flash manufacturing PMI

Flash services PMI

24.03.17

USD

05:30 PM

FOMC member Evans speaks

24.03.17

USD

06:00 PM

Core durable goods orders m/m

The views contained herein are those of individuals and not necessarily those of the Bank.  This is for information purpose only and no recommendations are intended.  While due care has been taken in preparation of this communication, IOB cannot be held responsible for any consequences of any decisions based on this information. Comments/Suggestions may be freely emailed to feddeal@iobnet.co.in