Offers & Promotions Download Brochure Get a Call Back Download App
Contact us

Dollar/rupee opened lower on Thursday due to crude oil

30 May 2019 / Morning Brief

Indian Rupee

  • The Indian rupee little changed at 69.71 pair now at 69.79 against 69.83 previous close.
  • Pair to tip in 69.65-69.95 range today.
  • Dollar/rupee opened lower on Thursday due to crude oil amid worsening risk appetite aiding demand for safe haven dollar. The growing rhetoric and escalating trade tension had triggered fear of global slowdown and risk off. Crude is also slightly up, hence spot pair open lower. The US and China trade tension deepened after Chinese newspapers reported that China could use rare earths to strike back at US after President Donald Trump remarked he was "not yet ready" to make a deal with China over trade.

Global Currency

  • The dollar held steady against its key rivals on Thursday as escalating Sino-U.S. trade tensions forced investors to take shelter in safe-haven assets, including government bonds. As the standoff between the world's two biggest economies showed no signs of being resolved, fears of a hit to global growth has rippled through financial markets in recent sessions, with riskier assets in particular bearing the brunt.
  • The European Commission wrote on Wednesday to the Italian government asking it to explain a deterioration in the country's public finances, a move that sets the stage for a possible legal clash with the eurosceptic coalition in Rome. single currency on Thursday tacked on a tenth of a percent to $1.1142, recovering somewhat after giving up 0.8% in three straight losing sessions.

Global Markets

  • Gold prices inched down on Thursday as bonds rallied and the dollar hovered near a two-year high, negating the support from an increasingly bitter Sino-U.S. trade dispute that rekindled doubts about global economic growth.
  • Brent crude futures LCOc1 , the international benchmark for oil prices, were up 14 cents, or 0.2 percent, at $69.59 a barrel. They fell nearly 1% in the previous session after dropping as low as $68.08.

Global Markets at one Glance

Markets Today In INR % Change
USD/INR 69.7875 69.7975 -0.03
EUR/USD 1.11374 77.72 -0.06
GBP/USD 1.2628 88.12 -0.06
USD/JPY 109.608 0.64 -0.12
SEK/INR 9.5504 7.3073 -0.0024
DKK/INR 6.2296 11.2025 0.0325
AUD/USD 1.4434 48.34 -0.04
1M 2.43763 -0.41543  
3M 2.52450 -0.35929  
6M 2.55088 -0.31129  
1Y 2.63925 -0.22029  
Index Today % Change
NIFTY 11871.45 0.09
SENSEX 39,579.34 0.20
BANK NIFTY 31300.6 0.01
SGX NIFTY 11873.00 0.08
NIKKEI 20871.08 -0.63
HANG SENG 27094 -0.44
SHANGHAI 2890.58 -0.83
ASX200 6398.30 -0.65
DOW JONES 25127.50 0.07
S&P500 # 2784.26 0.16
NASDAQ # 7225.70 0.25
Key Events of the Day
Date Time Currency Event Forecast Previous
30-May-19 18.00 USD GDP (QoQ) (Q1) 3.1% 3.2%
30-May-19 19.20 USD Pending Home Sales (MoM) (Apr) 0.9% 3.8%
30-May-19 20.30 USD Crude Oil Inventories -0.857M 4.740M

Share this post?