Indian Rupee Rises Tracking Weak Dollar, Importers’ Bids Weigh
29 October 2018 / Morning Brief
The Indian rupee little changed at 73.35 pair now at 73.35 against 73.4550 previous close.
Pair to tip in 73.10- 73.50 range today.
The Indian rupee rose against dollar in early trade, tracking broad weakness in the dollar as Wall Street extended losses despite upbeat U.S. third-quarter economic output data. Broad weakness in the dollar index and a bounce in local shares supported sentiment for the rupee. Foreign banks are currently on offers However, these gains are unlikely to sustain as there are buyers ahead of expiry due today and month-end dollar demand from importers.
The dollar edged higher against a basket of its key rivals on Monday, not far off a 10-week high hit after data showed U.S. economic growth slowed less than expected and as global risk sentiment remained fragile. The dollar has weakened 2.3 percent against the yen, which also acts as a safe haven in times of geopolitical turmoil, from a more than 11-month high of 114.55 yen reached on Oct. 4.
The euro EUR= dipped 0.1 percent to $1.1395 even as German Chancellor Angela Merkel's junior coalition partners gave her conservatives until next year to deliver more policy results. common currency has lost 1.8 percent this month on concerns over Italy's free-spending budget that would breach European Union fiscal rules.
Oil prices fell on Friday and were heading for a third weekly loss, pulled down as Saudi Arabia's OPEC governor said the market may become oversupplied soon and after a slump in global equities clouded the outlook for demand.
Precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks in the week ahead, after gold prices notched up a fourth week of gains, its longest winning streak since January.
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