USD/INR opens little changed tracking steady dlr, oil prices

25 July 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 68.98 pair now at 68.9575 against 68.9750 previous close.
• Pair to tip in 68.80-69.10 range today.
• Dollar/rupee opened flat Thursday tracking a steady greenback and crude oil prices. Oil is trading around the same level and dollar is also steady after mixed economic data from US. The spot pair traded at Rs 68.96/$1 after opening at Rs 68.98/$1 Thursday compared to Rs 68.97/$1 at previous close. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 97.72 compared with 97.62 at close of spot rupee market on Wednesday.

Global Currency

• The U.S. dollar fell on Wednesday after Treasury Secretary Steve Mnuchin said there were “a lot of issues” regarding trade discussions with China. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, slipped 0.1% to 97.340.
• The euro was mired near a two-month low on Thursday ahead of a European Central Bank meeting that could signal monetary easing as growth in the currency zone falters. Sentiment towards the single currency took a blow after data showed Germany's manufacturing sector contracted at the fastest pace in seven years while French business growth unexpectedly slowed, sending European bond yields lower.

Global Markets

• Oil prices gave back much of their early gains on Wednesday after analysts suggested that a weekly U.S. crude stockpile draw that came in almost three times the level forecast was distorted by production shutdowns forced by Hurricane Barry.
• Gold prices eased on Thursday as the U.S. dollar hovered near multi-week highs, while some investors locked-in profits ahead of major central bank meetings this month.

Global Markets at one Glance

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