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

4 July 2019 / Morning Brief

Indian Rupee

• The Indian rupee little changed at 68.82 pair now at 68.85 against 68.91 previous close.
• The Indian rupee little changed at 68.82 pair now at 68.85 against 68.91 previous close.
• Dollar/rupee opened lower on Thursday tracking easing crude oil prices and a subdued greenback. Oil prices are trading down, while dollar continue to remain in the weak-zone, both weighing on spot. Brent crude oil futures for Sep delivery traded 0.78% down at $63.32 a barrel on Thursday morning. The greenback remained weak against its major counterparts after the US President Donald Trump said in a tweet that the US should match China and Europe's currency manipulation game. Dollar/rupee opened at Rs 68.82/$1 Thursday and to its previous close of Rs 68.91/$1.

Global Currency

• The dollar was on the back foot on Thursday, trading near a one-week low versus the yen as falling Treasury yields fuelled expectations the U.S. Federal Reserve will cut interest rates this month for the first time in a decade.
• Sterling traded hands at $1.2580 GBP=D4 , mired near a two-week low of $1.2557 due to speculation the Bank of England will abandon its preference to raise interest rates and swing to the dovish camp as the trade war and uncertainty about Britain's negotiations to leave the European Union impact the outlook.

Global Markets

• Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in U.S. crude stockpiles.
• Gold prices were steady on Thursday after hitting a one-week high in the previous session, as gains in stock markets offset support from a weaker dollar and prospects of an interest rate cut by the U.S. Federal Reserve.

Global Markets at one Glance

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