India Rupee Falls To 6-Week Low On Broad Dollar Strength

25 April 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 70.00 pair now at 70.03 against 69.87 previous close.
• Pair to tip in 69.90-70.20 range today.
• The Indian rupee fell to a more-than-six-week low against the U.S. currency, as weak European data weighed on the euro, pushing the dollar index to a near-two-year high. Broad strength in the greenback has weighed on the rupee at a time when oil prices are trading at their highest level of the year. Dollar demand from corporates and importers have added more pressure. The dollar index climbed to its highest since May 2017,

Global Currency

• The dollar index .DXY , which measures the U.S. currency versus a basket of six major rivals, was up 0.13% at 97.766, its highest since June 2017. Investors will watch the release on Friday of U.S. gross domestic product data for the first three months of 2019, for signs of whether the United States remains stronger than other leading economies.
• The euro nursed losses against the dollar on Thursday after dipping to a 22-month low on a surprise drop in a leading indicator for economic activity in Germany, amplifying worries of a growth slowdown in Europe's largest economy. The euro sat at $1.1153 EUR= , having suffered its biggest one-day loss against the dollar since early March when the European Central Bank pushed back plans for its first post-crisis interest rate hike.

Global Markets

• Oil prices dipped on Thursday as record U.S. output and rising crude stockpiles dampened the impact on markets of tighter U.S. sanctions on Iran and producer club OPEC's continued curbs on supply. Brent crude futures LCOc1 were at $74.53 per barrel.
• Gold prices edged up on Thursday as weak data from Germany and a dip in equities raised flags about the pace of global economic growth, while a firm dollar curbed further gains for the metal.

Global Markets at one Glance

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