Indian Rupee Logs Best Day In Over 5 Years As Oil, Dollar Slumps

The rupee settled at 70.44 against 71.5450 at the previous close. The local unit moved in 70.42-71.35 per dollar band intra-day.
The Indian rupee marked its biggest single-session gain in more than five years against the dollar, as crude oil prices slumped to a 14- month low, while the dollar slipped ahead of the Federal Reserve’s policy meet that starts today. The local unit rose 1.5% today, its biggest one-day jump since Sep. 19, 2013. The Indian rupee rose above its physiologically important level of 71, tracking a sharp decline in crude oil prices.

The U.S. dollar slid lower against a currency basket on Tuesday ahead of this week's Federal Reserve meeting while the yen remained supported amid concerns over the outlook for global growth. With the Fed widely expected to deliver its fourth rate hike this year at the conclusion of its two-day policy meeting on Wednesday moves in the dollar will be guided by its forward guidance.
The euro rose on Tuesday as the dollar weakened, with investors betting that growth concerns will prompt the Federal Reserve to slow its pace of interest rate hikes at this week's meeting. That is helping the euro, which on Tuesday was up 0.2 percent at $1.1373

Oil prices fell 4 percent on Tuesday, dropping for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in global stock markets.
Gold rose to a one-week high on Tuesday, helped by a weaker U.S. dollar and a fall in global stocks, but moves were limited as investors sought clarity on the path of U.S. interest rates. U.S. gold futures GCcv1 were up 0.1 percent at $1,253.30 per ounce.

Date	Time	Currency	Event	Actual	Forecast	Previous
17-12-2018	15.30	EUR	German Ifo Business Climate Index	101.0	101.8	102.0

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