Indian Rupee Rises As Fall In Crude Offsets Fed Minutes Impact
19 October 2018 / Morning Brief
The Indian rupee little changed at 73.60 pair now at 73.49 against 73.5950 previous close.
Pair to tip in 73.35- 73.75 range today.
The Indian rupee rose against the dollar in early trade, as a decline in crude oil prices offsets hawkish minutes of the Federal Reserve that lifted U.S. Treasury yields. Decline in crude oil prices has given some respite for the rupee. Exporters are also selling dollars However, broad strength in the dollar and the risk-off rally in the global markets will keep the gains in check. Bunched-up inflows after yesterday’s holiday will be watched for further cues.
The euro hovered near a one-week low against the dollar on Friday as the European Commission's criticism of Italy's populist budget sparked fresh concerns about political tensions in the common currency zone.
British Prime Minister Theresa May, on Thursday said that the European Union's proposal on the Irish border was unacceptable. we get positive noises from Brussels, the impasse on Brexit and softer economic data suggests that the pound could underperform.
The greenback lost 0.4 percent of its value to the yen on Thursday, reflecting the global risk-off mood due to rising geopolitical tensions between the U.S. and Saudi Arabia, Italy's budget woes and U.S-Sino trade war tensions.
Oil prices nudged higher on Friday but were set for a second weekly drop amid higher U.S. crude inventories, an ongoing Sino-U.S. trade war and concerns over the death of a prominent Saudi journalist.
Gold prices nudged higher early Friday as Asian shares fell on renewed political and economic concerns, with the metal on track for its third straight weekly rise. Gold was up 0.2 percent at $1,227.31 an ounce.
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