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USD/INR ends up on oil bids after sharp rise in Oil prices

13 June 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 69.51 against 69.34 at the previous close. The local unit moved in 69.3075-69.56 per dollar band intra-day.
  • Dollar/rupee ended up Thursday on oil importers' demand tracking a sharp rise in crude oil prices in international markets. During mid-day trades, report of fire in oil tanker in Sea of Oman pushed oil prices sharply up. Banks started buying mostly on behalf of oil importers. Dollar/rupee ended at Rs 69.51/$1 Thursday compared to previous close of Rs 69.34/$1. Oil prices surged after a report that after a oil tanker was attacked in the Gulf of Oman, a key waterway used to transport energy supplies from the Middle East.

Global Currency

  • The dollar held its gains early on Thursday after rebounding from 11-week lows, as peers such as the euro, pound and commodity currencies sagged due to troubles of their own. The dollar index .DXY versus a basket of six major currencies was steady at 96.957 after rising more than 0.3% overnight. The index had dropped to 96.459 on Monday, its lowest since late March, following a sharp decline in long-term U.S. Treasury yields, which fell to near two-year lows last week after a soft U.S. jobs report bolstered expectations for an interest rate cut by the Federal Reserve.
  • Euro was a shade higher at $1.1293 EUR= after retreating 0.35% overnight, while the pound stood little changed at $1.2692 GBP=D4 following a loss of 0.3% on Wednesday.

Global Markets

  • Oil prices jumped as much as 4% on Thursday after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.
  • Gold prices rose to a week high on Thursday, supported by expectations of an interest rate cut by the U.S. Federal Reserve following soft inflation data, which also weighed on the dollar. U.S. gold futures GCv1 were 0.2% higher at $1,340 an ounce.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 69.51 0.21
EUR/USD 1.12964 78.50 0.21
GBP/USD 1.2685 88.11 0.14
USD/JPY 108.418 0.64 0.24
SEK/INR 9.4794 7.3338 0.0115
DKK/INR 6.193 11.2250 0.49
AUD/USD 1.4456 48.05 0.44
DXY 96.70 0.02
Index Today % Change
NIFTY 11914 0.07
SENSEX 39940 0.41
NIKKEI 21032 -0.46
HANG SENG 27252 0.04
SHANGHAI 2909.91 0.61
CAC# 5375 0.00
FTSE # 7351 -0.54
DAX # 12094 -0.50
Commodities Today % Change
GOLD # 1335 0.60
SILVER# 14.80 0.30
BRENT # 62.15 2.05
NYMEX # 52.79 2.89
Today Today
OPEN 69.3500
HIGH 69.5600
LOW 69.3075
CLOSE 69.5100

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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