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USD/INR opens up on oil bids as crude prices rally

21 June 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.75 pair now at 69.70 against 69.55 previous close.
  • Pair to tip in 69.60-69.90 range today.
  • Dollar/rupee opened higher Friday on oil importers' dollar demand tarcking a rally in the crude oil prices in international market. After the news of Iran shooting down US drone, US-Iran tension escalated and crude oil prices traded sharply up. Spot tracking higher crude opened up. Oil prices surged after Iran shot down a US drone over the vital oil shipping lane, the Strait of Hormuz, raising fears of a military confrontation between Tehran and Washington. A tweet from the US President Donald Trump that "Iran made a very big mistake!" further aided a rally in crude oil prices.

Global Currency

  • The dollar struggled to get on the front foot on Friday, and was poised for a weekly loss against major currencies after the U.S. Federal Reserve joined global peers with plans to cut interest rates to support flagging economic growth.
  • Sterling changed hands at $1.2707, on course for a 1.0% weekly gain, which would be its best performance in seven weeks. The Bank of England on Thursday struck a less dovish tone than other central banks as they voted unanimously to keep interest rates on hold at 0.75% and stuck to their message that rates would need to rise, so long as Britain avoids a damaging no-deal exit from the EU.

Global Markets

  • Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a U.S. military drone and on hopes for a drop in U.S. interest rates that may stimulate global growth.
  • Gold jumped more than 1.5% on Friday, breaking above $1,400 for the first time since September 2013, as hints of a rate cut from the U.S. Federal Reserve took a toll on the greenback and U.S. Treasury yields.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.685 69.69 0.25
EUR/USD 1.13033 78.76 0.31
GBP/USD 1.27126 88.59 0.37
USD/JPY 107.073 0.65 0.48
SEK/INR 9.4010 7.4125 0.0292
DKK/INR 6.2205 11.2025 0.0325
AUD/USD 1.4426 48.29 0.43
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11799.95 -0.26
SENSEX 38,956.16 -0.18
BANK NIFTY 30362.10 0.04
SGX NIFTY 11855 -0.08
NIKKEI 21355.45 -0.50
HANG SENG 28496 -0.22
SHANGHAI 3005.36 0.36
ASX200 6647 -0.60
DOW JONES 26703.65 -0.16
S&P500 # 2947.82 -0.21
NASDAQ # 7713.45 -0.26
Key Events of the Day
Date Time Currency Event Forecast Previous
21-Jun-2019 13.00 EUR German Manufacturing PMI (Jun) 44.6 44.3
21-Jun-2019 19.30 USD Existing Home Sales (May) 5.29M 5.19M

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