The rupee settled at 71.43 against 71.15 at the previous close. The local unit moved in 71.05-71.47 per dollar band intra-day.
Dollar/rupee ended at six-month high Monday on oil importers demand amid a strong greenback. Oil importers were on the buy-side today and dollar is strong, supporting the spot pair. Crude oil prices gained following a weekend attack on a Saudi oil facility by Yemeni separatists. Brent crude oil futures for October delivery traded 0.36% higher at $58.85 a barrel. The greenback rose against its major counterparts tracking a rise in US Treasury yields.
The euro advanced on Monday after registering its biggest weekly drop in nearly two months as risk appetite gradually returned to global markets after a week of turmoil, though investors were still wary about the near term outlook for the single currency. With hopes of fiscal stimulus from Germany growing and steps by China over the weekend to cut corporate lending costs pushing up equities, growth-sensitive currencies.
The dollar index which measures the greenback against six major currencies, was broadly steady at 98.20, close to a two-week high of 98.339 reached on Friday. Global markets went into a tailspin last week after bond yield curves inverted, signalling the global economy was headed towards a recession
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for signs that U.S.-China trade tensions could ease.
Gold shed 1% on Monday as a recovery in share markets and rising U.S. Treasury yields reduced some of the metal's safe-haven appeal, prompting investors to book profits. Spot gold XAU= was down 0.9% at $1,499.50 per ounce as of 1117 GMT, while U.S. gold futures GCcv1 slipped 0.9% to $1,510.30.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
CPI (YoY) (Jul)
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon