India Rupee Traded Higher After Dollar Index Falls Most In 4 Years

India Rupee Traded Higher After Dollar Index Falls Most In 4 Years

27 Mar 2020 09:10 AM
 

USD/INR

India rupee opened higher at 74.64 against it’s last close of 75.15 . The Indian rupee traded higher against the U.S. currency after the dollar index tumbled as the number of Americans filing for unemployment benefits surged amid the coronavirus outbreak. Dollar index down 0.1% at 99.27. It fell 1.7% yesterday, logging its worst day in over four years. Benchmark Brent crude oil contract trading 0.9% higher at $26.58 per barrel, after declining 3.8% yesterday.

EUR/USD

It’s a quiet day on the economic calendar, with no material stats due out of the Eurozone to provide the EUR with direction. The lack of stats and market risk aversion will likely see further demand for the EUR as the markets also respond to the surge in coronavirus cases in the U.S. A U.S economic meltdown could well be on the cards should the U.S government fail to get control and that may also mean martial law. Things are not much better across the EU, however, with the death toll in Spain surpassing China and Italy’s death toll exceeding 8,000. At the time of writing, the EUR was up by 0.09% at $1.1042.

GBP/USD

It’s It’s a quiet day ahead on the economic calendar, with no material stats due out of the UK to provide the Pound with direction. A lack of stats will leave the Pound susceptible to a tumble should the number of coronavirus cases accelerate ahead of the weekend. Much will depend on how the UK is doing compared with its neighbors, however. A marked increase elsewhere would ease any downward pressure on the Pound. Expect any chatter from the UK government on further fiscal policy support to also influence. At the time of writing, the Pound was down by 0.07% to $1.2195.

USD/JPY

The The Ku-area of Tokyo saw the annual core rate of inflation eased from 0.5% to 0.4% in March, which was in line with forecasts.According to the Ministry of Internal Affairs and Communication. Prices for education (-6.1%) and fuel, light, and water charges (-2.9%) pinned back inflation in March. There were increases in prices for clothes & footwear (+1.9%), culture and recreation (+1.7%), furniture and household utensils (+1.7%), and medical care (+1.2%). Price rises for transportation & communication (+0.6%) and housing (+0.5%) were modest, however. Month-on-month, consumer prices rose by 0.1%, while core consumer prices stalled. The Japanese Yen moved from ¥109.331 to ¥109.241 upon release of the figures. At the time of writing, the Japanese Yen was up by 1.17% to ¥108.41 against the U.S Dollar.             

Important data releases today

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No  material stats are due to be released today.