USD/INR ends up on higher crude oil prices
10 July 2019 / Evening Brief
Indian Rupee
- The rupee settled at 68.5650 against 68.54 at the previous close. The local unit moved in 68.49-68.6650 per dollar band intra-day.
- Dollar/rupee ended up Wednesday on buying by oil importers tracking sharp rise in crude oil prices. Few oil bids were there after crude prices rose sharply. However FII inflows into local debt segments checked further gains in spot. Crude oil prices surged after industry data showed US inventories fell more than expected, while concerns over a possible supply drop after major US producers evacuated rigs in the Gulf of Mexico ahead of a storm. Brent crude oil futures for September delivery traded 2.17% higher at $65.55 brl.
Global Currency
- The dollar was higher against the British pound and emerging market currencies in early trading in Europe Wednesday, but range-bound against most of its peers as the market braced for Federal Reserve Chairman Jerome Powell’s two days of testimony before Congress.
- The focus in Europe on Wednesday will again be on sterling. The British pound hit a new two-year low against the dollar in early trading ahead of a monthly report on economic growth for May. Although a slight expansion is expected in May. The pound also hit a six-month low against the euro, despite increasing signs that the European Central Bank will announce some form of monetary policy easing at its next governing council meeting in late July.
Global Markets
- Oil prices rose more than 2% on Wednesday after industry data showed U.S. inventories fell more than expected and as major U.S. producers evacuated rigs in the Gulf of Mexico before a storm.
- Gold eased on Wednesday as expectations of a sharp U.S. interest rate cut receded while investors awaited Federal Reserve Chairman Jerome Powell's congressional testimony for concrete signals on the central bank's monetary policy strategy.
Global Markets at one Glance
| Markets at 5.00pm | In INR | % Change | |
| USD/INR | 68.575 | 68.575 | 0.03 |
| EUR/USD | 1.12147 | 76.89 | 0.04 |
| GBP/USD | 1.24704 | 85.47 | 0.07 |
| USD/JPY | 108.939 | 0.63 | -0.07 |
| SEK/INR | 9.4709 | 7.2406 | 0.0065 |
| DKK/INR | 6.109 | 11.2250 | 0.49 |
| AUD/USD | 1.4446 | 47.45 | 0.03 |
| DXY | 97.13 | 0.40 | |
| Index | Today | % Change |
| NIFTY | 11498.90 | -0.49 |
| SENSEX | 38557 | -0.45 |
| NIKKEI | 21533.30 | -0.15 |
| HANG SENG | 28204.70 | +0.31 |
| SHANGHAI | 2915.30 | -0.44 |
| CAC# | 5573.30 | +0.02 |
| FTSE # | 7531.25 | -0.07 |
| DAX # | 12383.50 | -0.43 |
| Commodities | Today | % Change |
| GOLD # | 1390 | -0.28 |
| SILVER# | 15.02 | 0.08 |
| BRENT # | 64.51 | 0.62 |
| 57.99 | 0.57 |
| Today | Today |
| OPEN | 68.6200 |
| HIGH | 68.8350 |
| LOW | 68.5375 |
| CLOSE | 68.6575 |
Key Events of the Day
| Date | Time | Currency | Event | Actual | Forecast | Previous |
| 10-Jul-19 | 14.00 | GBP | GDP (MoM) | 0.3% | 0.3% | -0.4% |
| 10-Jul-19 | 14.00 | GBP | Manufacturing Production (MoM) (May) | 1.4% | 1.6% | -2.9% |
| 10-Jul-19 | 14.00 | GBP | Monthly GDP 3M/3M Change | 0.3% | 0.1% | 0.4% |
