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USD/INR rebounds on reports of Saudi Arabia seeking crude from Iraq

19 September 2019 / Evening Brief

Indian Rupee

  • The rupee settled at 71.3175 against 71.23 at the previous close. The local unit moved in 71.08-71.37 per dollar band intra-day.
  • Dollar/rupee closed flat rebounded during afternoon trades Thursday tracking a sudden spike in crude oil prices after reports of Saudi Arabia seeking crude from Iraq to support refineries. After media reports that Saudi asked Iraq for support, crude jumped and accordingly spot surged. Multiple media reports showed that Saudi Arabia has asked Iraq for as much as 20 million barrels of crude to support domestic refineries. Brent crude oil futures for November delivery traded 2.31% up at $65.07 a barrel.

Global Currency

  • The Japanese yen rallied on Thursday after the Bank of Japan kept interest rates on hold, while the dollar struggled to move higher despite the Federal Reserve offering mixed signals about the path for further easing. The yen rose to as high as 107.79 yen before settling at 108.06 JPY, up 0.4% on the day.
  • The Bank of Japan kept monetary policy steady - as expected - and signaled the chance of expanding stimulus as early as its next policy meeting in October by issuing a stronger warning over the risks threatening the economy. some in the market had expected the BoJ to signal a stronger chance of more stimulus in the context of central banks easing globally to boost growth.

Global Markets

  • Oil prices rose sharply on Thursday, supported by supply risks brought about by last weekend's drone attacks on Saudi oil infrastructure and a cut in U.S. interest rates.
  • Gold prices were little changed on Thursday after a sharp fall in the previous session as a lack of clarity in the U.S. Federal Reserve's monetary policy outlook kept investors cautious. Traders are disappointed by the divergence of future rate cut path and the market is unwinding expectations of a few more cuts in the months to come.

Global Markets at one Glance

Markets at 5.00pm In INR % Change
USD/INR 71.3275 71.3275 0.26
EUR/USD 1.10711 78.95 0.57
GBP/USD 1.2455 88.84 0.11
USD/JPY 107.928 0.66 0.72
SEK/INR 9.6879 7.3625 0.0486
DKK/INR 6.354 11.2250 0.49
AUD/USD 1.4713 48.45 0.32
DXY 71.3275 71.3275 0.26
Index Today % Change
NIFTY 10704.80 -1.25
SENSEX 36093.50 -1.29
NIKKEI 22044.40 0.38
HANG SENG 26468.90 -1.07
SHANGHAI 2999.28 0.46
CAC# 5643.20 0.40
FTSE # 7354.55 0.55
DAX # 12410.10 0.17
Commodities Today % Change
GOLD # 1506 -0.620
SILVER# 17.80 -0.620
BRENT # 64.96 02.12
NYMEX # 59.01 +1.670
Today Today
OPEN 71.5000
HIGH 71.5100
LOW 71.1675
CLOSE 71.2300

Key Events of the Day

Date Time Currency Event Actual Forecast Previous
19-Sep-19 14.00 GBP Retail Sales (MoM) (Aug) -0.2% -0.2% 0.4%
19-Sep-19 14.00 GBP BoE Interest Rate Decision (Sep) 0.75% 0.75% 0.75%

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