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

18 July 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 68.75 pair now at 68.75 against 68.81 previous close.
• Pair to tip in 68.60-68.90 range today.
• Dollar/rupee opened down Thursday tracking easing crude oil prices, while a weakening greenback further aided the fall. Dollar is weak and crude is down. dollar/rupee in the non-deliverable forward (NDF) market maturing in one month traded at Rs 68.94/$1 compared to Rs 69.02/$1 at close of Indian market on Wednesday. Brent crude oil futures traded at $63.80 a barrel on Thursday morning compared to $65.18 a barrel. Crude oil prices continued easing after US government data showed large builds in refined product stockpiles.

Global Currency

• The dollar nursed light losses on Thursday, weighed down by lower U.S. yields and a rebound in the pound from 27-month lows. Various economic data have given conflicting signs regarding the state of the U.S. economy, but that does not change the bigger picture of the dollar facing downward pressure due to an impending rate cut by the Federal Reserve.
• The euro (EUR=) was flat at $1.1228 after crawling up 0.1% on Wednesday. The single currency's gains were modest as it was restrained by expectations of easing from the European Central Bank as early as next week.

Global Markets

• Gold prices rose to their highest in two weeks on Thursday, as the dollar eased after weaker-than-expected U.S. housing data increased expectations for an interest rate cut by the U.S. Federal Reserve. Spot gold was steady at $1,425.87 per ounce.
• Oil prices steadied on Thursday after falling in the previous session when official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season. Brent crude futures were up 13 cents.

Global Markets at one Glance

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