Indian Rupee Slips As Crude Oil Rebounds

The Indian rupee little changed at 70.2025 pair now at 70.2450 against 70.07 previous close.
Pair to tip in 70.10- 70.50 range today.
The Indian rupee fell against the dollar in early trade, tracking an overnight jump in crude oil prices that eclipsed positive sentiments from a rally in global equities. “A sharp rise in crude oil prices has weighed on the rupee. Currency expiry‐related bids and month‐end dollar demand from importers further added pressure on it.

The U.S. currency was a touch lower versus the yen JPY= at 111.10 after bouncing 1 percent overnight and breaking a safe‐haven driven 8‐day stretch of gains for the Japanese currency. If risk sentiment keeps improving and Dow futures extend their gains in the Asia session, I would expect dollar/yen to move higher still," Innes said, though he warned that it was too early call a turn in risk sentiment.
The euro EUR= fetched $1.1375, strengthening around 0.25 percent. The single currency is set to end the year lower by 5 percent as weak economic fundamentals in Europe, political tensions in France and Italy and a dovish European Central Bank had made investors favour the dollar over the euro in 2018.

Oil fell on Thursday after soaring 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.
Gold rose on Thursday as global growth worries and volatility in stock markets boosted demand for the safe-haven metal, but gains were capped by a sharp rebound in equities. Gold prices are primarily getting support on the back of safe‐haven buying due to concerns about the health of the global economy and heightened volatility in risk assets.

Research