Indian Rupee Gains Tracking Asian Peers; Crude Oil Resumes Slide

15 November 2018 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 72.06 pair now at 72.0850 against 72.3050 previous close.
• Pair to tip in 71.90- 72.30 range today.
• The Indian rupee rose against dollar in early trade, tracking gains in most Asian currencies as mixed U.S. inflation data dented dollar demand, while crude oil prices turned lower after recovering in overnight trade. Retreat in crude oil prices and advances in Asian peers are supporting gains in the rupee. However, some dollar purchases now by an American lender has limited further gains.

Global Currency

• The dollar weakened on Thursday against the pound and euro, which rose after Britain's prime minister won cabinet approval for her draft Brexit plan, although concerns about whether the proposal can clear parliamentary hurdles capped broader gains. Prime Minister Theresa May won the backing of her senior ministers for a European Union divorce deal on Wednesday, pushing the euro and sterling up 0.8 percent and 1.2 percent against the dollar, respectively, from their intraday lows hit on Monday.
• The dollar index a gauge of the currency's performance against six major peers, traded at 96.97, off a 16-month high hit on Monday. The recent correction in the dollar index has been due to rallies in the euro and sterling, which together constitute around 70 percent of the weight in the index.

Global Markets

• Oil prices fell on Thursday, pressured by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook.
• Gold prices held steady on Thursday, after rising nearly a percent in the previous session, as the dollar retreated further from a 16-month peak against a basket of currencies.

Global Markets at one Glance

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