Indian Rupee Hits 1-Month High On Dollar Losses, Lower Oil Prices

2 November 2018 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 73.10 pair now at 73.11 against 73.45 previous close.
• Pair to tip in 72.70- 73.10 range today.
• The Indian rupee rose to a one-month high against the dollar in early trade, amid upbeat regional risk sentiment on easing U.S.-China trade tensions and further retreat in oil prices. The retreat in oil process from the last month’s high of above $85 will ease the speculative selling pressure on the rupee. we would like rupee to build on today’s early momentum and close above 73.00 before wagering against the dollar.

Global Currency

• The dollar steadied on Friday ahead of the closely watched U.S. jobs report, after pulling back from 16-month highs in the previous session as investors cautiously moved back into riskier assets.
• The pound stood tall after the Bank of England kept interest rates steady on Thursday and hinted at slightly faster future rate rises if Brexit goes smoothly. equity markets began November with a broad rally on Thursday after a brutal October, boosted by strong corporate earnings and hopes for a thaw in the U.S.-China trade row. That reduced some of the support for currencies like the dollar, which benefit in times of heightened risk aversion.
• The euro inched down 0.05 percent to $1.1400 EUR= after gaining 0.9 percent overnight on the dollar's retreat. The single currency had stooped to a 2-1/2-month trough of $1.1302 on Wednesday.

Global Markets

• Oil prices inched down on Friday morning in Asia as the U.S., Saudi Arabia and Russia made efforts to raise crude output, easing market concerns over the impact on supply from U.S. sanctions on Iran sanctions that come into effect next week.
• Gold prices were steady in early Asian trade on Friday, after rising about 1.5 percent in the previous session, while the dollar inched up ahead of the U.S. payrolls data due later in the day.

Global Markets at one Glance

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