USD/INR opens down tracking easing crude oil, improved risk-sentiments

24 September 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 70.7850 pair now at 70.78 against 70.93 previous close.
• Pair to tip in 70.60-70.90 range today.
• Dollar/rupee opened down Tuesday tracking easing crude oil prices amid improving risk sentiments around the US-China trade talks. Oil prices have eased which is weighing on dollar demand. Crude oil prices weakened as poor manufacturing data from Europe and Japan pointed towards a clouded outlook for demand. Brent crude oil futures for November delivery traded 0.46% down at $64.47 a barrel

Global Currency

• The euro nursed losses on Tuesday after weak readings on German manufacturing rattled confidence, while the dollar found broad support as investors looked for signs of progress from Sino-U.S. trade negotiations. The single currency EUR= shed 0.2% overnight after a survey showed European business activity stalling, and in fact going backwards in powerhouse Germany where a manufacturing recession deepened.
• The British pound wallowed at $1.2431, near a one-week low, ahead of a UK Supreme Court ruling due around 0930 GMT. court will rule on whether Prime Minister Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit, with the case's outcome potentially complicating his plans to lead his country out of the European Union next month.

Global Markets

• Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions.
• Gold prices were steady on Tuesday, having risen to a more than two-week peak in the previous session on global slowdown fears and tensions in the Middle East, while an improved Sino-U.S. trade tone weighed on the yellow metal.

Global Markets at one Glance

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