USD/INR opens down on lower crude oil prices, weak dlr

11 June 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 69.45 pair now at 69.48 against 69.65 previous close.
• Pair to tip in 69.35 -69.70 range today.
• Dollar/rupee opened down on Tuesday tracking a fall in crude oil prices from the previous session amid a weak dollar. Few foreign banks sold tracking the weak dollar. Oil prices retreated from previous session. Oil prices retreated as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal amid US-China trade tensions continued to threaten demand for crude. The dollar remained subdued against its other major counterpart on looming fear of another round of tariff war.

Global Currency

• The yen eased on Tuesday as investors' risk appetite ticked up after the United States shelved plans to impose tariffs on Mexico, though fresh U.S. trade threats against China tempered overall market sentiment. Financial markets over the last year have been gripped by fears of escalating trade tensions between the world's two largest economies, stoking worries over the outlook for global growth.
• The single currency dipped on Monday after two sources familiar with the ECB policy discussions said on the weekend that a rate cut was firmly in play if the bloc's economy stagnates again after expanding by 0.4% in the first quarter. euro rallied nearly 1.5% last week after the ECB said rates would stay "at their present levels" until mid-2020 instead of hinting at rate cuts, as some had expected.

Global Markets

• Gold prices steadied on Tuesday following a steep fall in the previous session, as fresh concerns on Sino-U.S. trade unsettled the market optimism that followed a U.S.-Mexico deal.
• Gold prices steadied on Tuesday following a steep fall in the previous session, as fresh concerns on Sino-U.S. trade unsettled the market optimism that followed a U.S.-Mexico deal.

Global Markets at one Glance

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