USD/INR opens down on easing Brent, weak dlr

24 May 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 69.74 pair now at 70.01 against 70.01 previous close.
• Pair to tip in 69.60-70.00 range today.
• Dollar/rupee opened lower on Friday tracking easing crude oil prices amid overall weakness in the greenback after weak economic data from the US. Brent cooled to $68/bbl and the dollar is also down from its two-year high following sharp decline in UST yield. USD/INR opened at Rs 69.74/$1 vs previous close of Rs 70.01/$1. It then traded between Rs 69.74/$1 and Rs 69.80/$1. The greenback eased against its major counterparts tracking lower US yields and poor purchasing managers index data from the US.

Global Currency

• The dollar held steady on Friday, having come off two-year highs on lower U.S. yields in the previous session amid fears that a trade war with China will hurt the U.S. economy more than previously thought.
• The foreign exchange market, the euro was flat at $1.1183 EUR= , having bounced from a two-year low of $1.11055 during the previous session. The single currency came under pressure after a private survey showed activity in Germany's services and manufacturing sectors fell in May, aggravating fears about the effect of unresolved trade disputes on Europe's largest economy. these worries, European parliamentary elections began on Thursday.

Global Markets

• Gold prices held steady on Friday after rising above $1,280 in the previous session as weak U.S. data pushed the dollar off 2-year highs and reignited hopes of a rate cut by the Federal Reserve this year.
• Oil prices jumped more than 1% on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories - their steepest drops since the start of the year.

Global Markets at one Glance

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