USD/INR opens up tracking the spike in Brent crude oil prices

The Indian rupee little changed at 71.62 pair now at 71.47 against 70.9150 previous close.
Pair to tip in 71.20-71.65 range today.
Dollar/rupee opened higher Monday tracking the spike in Brent crude oil prices amid increasing geo-political tensions in the Middle-East. The spot opened up as oil prices hit their highest since May, on fears supply disruptions. Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia's oil facilities on Saturday that cut more than 5% of global oil supply. Prices eased off their peaks after US President Donald Trump said he approved the release.

The dollar fell while safe-havens and currencies of oil producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. Oil prices surged more than 15% following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, knocked out more than 5% of global oil supply. Iran-aligned Houthi group claimed responsibility for the damage, but the U.S. has pointed the finger directly at Iran.
The pound GBP held last week's gains, as fears of Britain crashing out of the European Union without a divorce deal ebbed, while a news report on Friday also raised hopes that a deal could be secured by Oct. 31. Steadied just under its highest since July 25 at $1.2491.

Gold prices jumped more than 1% on Monday as investors scurried for safe-haven assets after weekend attacks on Saudi Arabia's oil facilities risked disrupting global energy supplies.
Oil prices retreated on Monday after hitting their highest since May at the open on fears over supply disruptions following an attack on Saudi Arabia's oil facilities on Saturday that cut more than 5% of global oil supply.

Research