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USD/INR ends down on weak dlr, easing crude oil prices

19 July 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 68.8025 against 68.9575 at the previous close. The local unit moved in 68.74-68.9425 per dollar band intra-day.
  • USD/INR ends down on weak dlr, easing crude oil prices. Nationalised banks including Bank of Baroda and Bank of India were on the buy-side today. PSBs bought most likely for oil importers. Dollar/rupee ended at Rs 68.8025/$1 Thursday compared to previous close of Rs 68.9575/$1. Crude oil prices continued easing after US government data showed large builds in refined product stockpiles. The greenback weakened against its major counterparts weighed down by lower US yields.

Global Currency

  • The U.S. dollar recovered slightly in early Friday trading, having fallen heavily after dovish comments from a key policymaker bolstered expectations of an aggressive interest rate cut this month. Investors are now pricing in a 25 basis point rate cut later this month, and some even expect a 50 basis point move, although the dollar has held up reasonably well.
  • The euro fell against a rebounding U.S. dollar on Friday, as investors ramped up bets for a European Central Bank interest rate cut as early as next week. Money markets are now pricing in a roughly 60% chance of a 10 basis point rate cut next week, versus a 40% chance earlier in the week.

Global Markets

  • Gold eased on Friday as investors booked profits after prices raced past $1,450 an ounce to hit a six-year peak, but Middle East tensions and prospects for lower interest rates kept bullion on track for a second week of gains.
  • Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 68.8125 68.8125 -0.08
EUR/USD 1.12342 77.32 -0.18
GBP/USD 1.25365 86.24 0.20
USD/JPY 107.648 0.64 -0.11
SEK/INR 9.3642 7.3485 -0.0281
DKK/INR 6.130 11.2250 0.49
AUD/USD 1.4169 48.55 0.01
DXY 96.66 0.22
Index Today % Change
NIFTY 11419 -1.63
SENSEX 38337 1.44
NIKKEI 21469 -0.31
HANG SENG 28602 0
SHANGHAI 2915.30 -0.44
CAC# 5610 -0.10
FTSE # 7500 0.10
DAX # 12274 -0.53
Commodities Today % Change
GOLD # 1439 0.78
SILVER# 16.35 0.95
BRENT # 62.88 1.52
NYMEX # 57.12 0.58
Today Today
OPEN 68.7500
HIGH 68.9425
LOW 68.7400
CLOSE 68.8025

Key Events of the Day

Date Time Currency Event Actual Forecast Previous

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