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USD/INR opens up on strong dlr, higher crude oil prices and gulf tensions bolster safe haven

19 July 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 68.89 pair now at 69.02 against 68.9550 previous close.
  • Pair to tip in 68.80-69.10 range today.
  • Dollar/rupee opened up Monday as bets on an aggressive Fed rate cut faded after comments from Fed officials while higher crude oil prices further aided dollar demand. As bets on 50 bps rate cut by Fed this month reduced, dollar rose. Crude is also trading higher. Federal Reserve Bank of Boston President Eric Rosengren said he doesn't believe the US economy needs an interest rate cut, given the positive data thats rolled in since mid-June. Market is still pricing in a 25 basis points rate cut at the upcoming policy due later this month.

Global Currency

  • The dollar drifted higher on Monday as investors tempered their expectations for deep U.S. interest rate cuts this month and heightened Middle East tensions supported safe-haven assets. While currency-market focus will centre on global central bank decisions scheduled for the next two weeks, traders are also watching for developments in U.S.-China trade negotiations and Wall Street earnings.
  • Investors are waiting to see if Boris Johnson wins the British Conservative Party's leadership ballot. The pound GBP=D3 held around $1.2502, staying on a slippery slope since mid-March as fears of a hard Brexit have gathered.

Global Markets

  • Gold prices gained on Monday following a steep fall in the previous session as tensions in the Middle East and weaker financial markets supported the metal, while a stronger dollar kept a lid on gains. Spot gold XAU= was up 0.2% at $1,427.26 per ounce.
  • Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. WTI fell over 7% and Brent fell more than 6% last week.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.005 69.015 0.23
EUR/USD 1.12173 77.40 0.15
GBP/USD 1.25028 86.27 0.26
USD/JPY 107.969 0.64 -0.02
SEK/INR 9.3849 7.3528 0.0181
DKK/INR 6.1598 11.2025 0.0325
AUD/USD 1.4199 48.59 0.22
1M 2.34763 -0.41543  
3M 2.50450 -0.35929  
6M 2.52088 -0.31129  
1Y 2.60925 -0.22029  
Index Today % Change
NIFTY 11313.50 -0.93
SENSEX 37978.40 -0.94
BANK NIFTY 30366.58 -0.32
SGX NIFTY 11387.40 -0.38
NIKKEI 21378.00 -0.41
HANG SENG 28529.00 -0.82
SHANGHAI 2907.44 -0.57
ASX200 6694.30 +0.68
DOW JONES 27154.20 -0.25
S&P500 # 2976.11 -0.62
NASDAQ # 8146.49 -0.74
Key Events of the Day
Date Time Currency Event Forecast Previous

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