USD/INR opens up tracking rising crude oil, strong dollar

23 September 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 71.03 pair now at 70.94 against 70.94 previous close.
• Pair to tip in 70.80-71.10 range today.
• Dollar/rupee opened up Monday tracking higher crude oil prices amid a strong dollar. Rupee opened down on strong dollar and high crude oil prices. Crude oil prices surged on persisting tension between the US and Iran following the attacks on Saudi Arabia, while doubts remained over how fast the kingdom would be able to restore lost output. Brent Crude oil futures for November delivery traded 1.04% up at $64.95 a barrel.

Global Currency

• The dollar was supported on Monday, with the market's risk appetite delicately balanced after talks in Washington between U.S. and Chinese trade deputies were described as "productive. The dollar gained against the safe-haven yen, but edged lower versus trade-exposed currencies, such as the Australian and New Zealand dollars, which rallied on the cautious risk-on mood.
• The British pound GBP held at $1.2476 after dropping from a two-month high on Friday when Ireland's foreign minister said Britain and the European Union were not yet close to a Brexit deal. U.S.-China trade breakthrough had seemed unlikely after President Donald Trump told reporters on Friday he was not looking for a partial deal, and Chinese officials then cancelled goodwill visits to U.S. farmers.

Global Markets

• Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East.
• Gold prices inched lower on Monday, as equities gained after the U.S. Trade Representative described last week's Sino-U.S. trade talks as productive. Spot gold XAU= was down 0.3% at $1,512.91 per ounce.

Global Markets at one Glance

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