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USD/INR opens down as oil price slide reduces dollar demand

14 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 70.4450 pair now at 70.4225 against 70.53 previous close.
  • Pair to tip in 70.20-70.60 range today.
  • Dollar/rupee opened down on Monday as a drop in oil reduced importers' demand for the US currency. Rupee opened up following the slide in oil prices. Crude oil futures dropped as concerns over trade tensions between US and China increased after China announced retaliating measures. China on Monday announced it would impose higher tariffs on $60 billion of U.S. goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

Global Currency

  • The USD/CNY pair edged down 0.1% to 6.8712. Citing unnamed sources, the Hong Kong Economic Times reported that China’s National Team intervened and injected funds into the markets, but the report did not provide any further details. The news boosted investor sentiment and Chinese stocks rose immediately following the report, before falling back into the red shortly after.
  • The U.S. dollar traded flat against its rivals on Monday, pressured by a rise in the safe-haven yen as Beijing retaliated against Washington's most recent tariff salvo. Risk-sensitive currencies like the yen and Swiss franc racked up gains against the greenback before pulling back from their highs.

Global Markets

  • Gold prices held steady near one-month highs on Tuesday as an escalation in Sino-U.S. trade war sent investors looking for safe-haven assets. Gold is moving because people are looking to find a safe harbour in the storm while they wait for the dust to settle.
  • Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the US-China.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 70.409 70.42 -0.21
EUR/USD 1.12402 79.14 -0.1
GBP/USD 1.29594 91.24 -0.23
USD/JPY 109.64 0.64 -0.62
SEK/INR 9.6223 7.3173 -0.0022
DKK/INR 6.2851 11.2025 0.0325
AUD/USD 1.4381 48.94 -0.22
1M 2.48338 -0.41129  
3M 2.58638 -0.34757  
6M 2.61975 -0.30729  
1Y 2.72513 -0.20214  
Index Today % Change
NIFTY 11130.6 -0.16
SENSEX 37029.94 -0.16
BANK NIFTY 28672.15 0.43
SGX NIFTY 11160. -0.22
NIKKEI 21044.81 -0.69
HANG SENG 28152 -1.26
SHANGHAI 2893.35 -0.36
ASX200 6240 -0.92
DOW JONES 25423.70 0.47
S&P500 # 2821.08 0.51
NASDAQ # 7358.85 0.77
Key Events of the Day
Date Time Currency Event Forecast Previous
14-May-19 14.00 GBP Average Earnings Index +Bonus (Mar) 3.4% 3.5%
14-May-19 14.00 GBP Claimant Count Change (Apr) 24.2K 28.3K
14-May-19 14.30 EUR German ZEW Economic Sentiment (May) 5.1 3.1

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