NEW DELHI – The euro was down nearly 0.2% against the dollar today. The yield on the 10-year benchmark US Treasury note had seen a sharp rise on Friday after a surprise increase in retail sales in September.
At 1505 IST, the dollar index was at 94.12 compared with 93.95 on Friday. It was at 93.96 on Thursday.
Commodity-linked currencies—the New Zealand dollar and Australian dollar — were up nearly 0.6% and 0.3%, respectively, against the US dollar after Brent crude oil prices rose to a fresh new three-year high today.
At 1505 IST, the December contract of Brent crude on the Intercontinental Exchange was at $85.29 per barrel, as against $84.86 a bbl at close on Friday. Prices were at $84.00 a bbl on Thursday.
Meanwhile, the pound sterling was slightly up against the dollar, after Bank of England Governor Andrew Bailey said on Sunday that the central bank is set to raise interest rates as inflation risks arise in the country. (Pratiksha)
India Rupee: Down as surge in crude oil, US yields weigh
MUMBAI – The rupee fell slightly against the dollar today because a sharp rise in US Treasury yields and crude oil prices weighed on sentiment for the Indian currency, dealers said.
On Friday, Brent crude oil futures for December settled at the highest level in three years, and were firmly above the psychologically-crucial $85-per-barrel mark today, fuelled by a rebound in global demand that has contributed to power and gas shortages in major economies such as China.
The contract rose 1% on Friday to end at $84.86 per bbl, and was at $85.86 in Asian trade today.
High crude oil prices worsen India’s current account deficit by increasing the import bill and subsequently weigh on the rupee.
Meanwhile, the 10-year US Treasury yields jumped 7 basis points to 1.59% on Friday as retail sales in September grew more than expected, while weekly jobless claims fell to a pandemic-era low, indicating a rebound in the world’s largest economy.
“The US dollar Index has since moved back up above the 94 mark and this should make a move below 75.10 difficult for dollar/rupee as oil prices and US yields are still trading high,” said a dealer with a brokerage house.
At 1030 IST, the dollar index, which measures the US currency against six other major units, was at 94.10 compared with 93.95 on Friday. It was at 93.96 on Thursday.
However, a rise in domestic benchmark indices supported the Indian unit, according to dealers.
At 1030 IST, the Nifty 50 and the Sensex were up over 0.9% and 0.8%, respectively.
The rupee is also likely to find support as banks are expected sell the greenback for deliverables accumulated in their Nostro accounts after Friday’s trading holiday in India. Domestic financial markets were closed on Friday on account of Dussehra.
The Indian unit is expected to move in a range of 75.10-75.50 a dollar during the day. (Richard Fargose)
India Rupee – Asia FX: Most down as dollar, crude oil prices rise
NEW DELHI – Most Asian currencies were down against the dollar after prices of Brent crude oil rose to a fresh three-year high in early trade today.
Prices of crude oil surged after a rebound in global demand, which has contributed to power and gas shortages in major economies like China.
At 0908 IST, the December contract of Brent crude on the Intercontinental Exchange was at $85.86 per barrel as against $84.86 a bbl at close on Friday. Prices were at $84.00 a bbl on Thursday.
The South Korean won fell 0.3%, the most among its Asian peers, as it is the fourth biggest importer of crude oil in the world.
The US dollar was up against major currencies as yield on the 10-year benchmark US Treasury note saw a sharp rise on Friday after a surprise increase in retail sales in September.
At 0908 IST, the dollar index, which measures the US currency against six other major units, was at 94.06 compared with 93.95 on Friday. It was at 93.96 on Thursday. (Pratiksha)
India Rupee: Expected range for rupee – Oct 18
MUMBAI – The following are the expected support and resistance levels for the rupee, as forecast by leading banks and brokerages in an Informist poll:
(Arushi Jain)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Pranav S. Joshi
Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2021. All rights reserved.
NEW DELHI – The euro was down nearly 0.2% against the dollar today. The yield on the 10-year benchmark US Treasury note had seen a sharp rise on Friday after a surprise increase in retail sales in September.
At 1505 IST, the dollar index was at 94.12 compared with 93.95 on Friday. It was at 93.96 on Thursday.
Commodity-linked currencies—the New Zealand dollar and Australian dollar — were up nearly 0.6% and 0.3%, respectively, against the US dollar after Brent crude oil prices rose to a fresh new three-year high today.
At 1505 IST, the December contract of Brent crude on the Intercontinental Exchange was at $85.29 per barrel, as against $84.86 a bbl at close on Friday. Prices were at $84.00 a bbl on Thursday.
Meanwhile, the pound sterling was slightly up against the dollar, after Bank of England Governor Andrew Bailey said on Sunday that the central bank is set to raise interest rates as inflation risks arise in the country. (Pratiksha)
India Rupee: Down as surge in crude oil, US yields weigh
MUMBAI – The rupee fell slightly against the dollar today because a sharp rise in US Treasury yields and crude oil prices weighed on sentiment for the Indian currency, dealers said.
On Friday, Brent crude oil futures for December settled at the highest level in three years, and were firmly above the psychologically-crucial $85-per-barrel mark today, fuelled by a rebound in global demand that has contributed to power and gas shortages in major economies such as China.
The contract rose 1% on Friday to end at $84.86 per bbl, and was at $85.86 in Asian trade today.
High crude oil prices worsen India’s current account deficit by increasing the import bill and subsequently weigh on the rupee.
Meanwhile, the 10-year US Treasury yields jumped 7 basis points to 1.59% on Friday as retail sales in September grew more than expected, while weekly jobless claims fell to a pandemic-era low, indicating a rebound in the world’s largest economy.
“The US dollar Index has since moved back up above the 94 mark and this should make a move below 75.10 difficult for dollar/rupee as oil prices and US yields are still trading high,” said a dealer with a brokerage house.
At 1030 IST, the dollar index, which measures the US currency against six other major units, was at 94.10 compared with 93.95 on Friday. It was at 93.96 on Thursday.
However, a rise in domestic benchmark indices supported the Indian unit, according to dealers.
At 1030 IST, the Nifty 50 and the Sensex were up over 0.9% and 0.8%, respectively.
The rupee is also likely to find support as banks are expected sell the greenback for deliverables accumulated in their Nostro accounts after Friday’s trading holiday in India. Domestic financial markets were closed on Friday on account of Dussehra.
The Indian unit is expected to move in a range of 75.10-75.50 a dollar during the day. (Richard Fargose)
India Rupee – Asia FX: Most down as dollar, crude oil prices rise
NEW DELHI – Most Asian currencies were down against the dollar after prices of Brent crude oil rose to a fresh three-year high in early trade today.
Prices of crude oil surged after a rebound in global demand, which has contributed to power and gas shortages in major economies like China.
At 0908 IST, the December contract of Brent crude on the Intercontinental Exchange was at $85.86 per barrel as against $84.86 a bbl at close on Friday. Prices were at $84.00 a bbl on Thursday.
The South Korean won fell 0.3%, the most among its Asian peers, as it is the fourth biggest importer of crude oil in the world.
The US dollar was up against major currencies as yield on the 10-year benchmark US Treasury note saw a sharp rise on Friday after a surprise increase in retail sales in September.
At 0908 IST, the dollar index, which measures the US currency against six other major units, was at 94.06 compared with 93.95 on Friday. It was at 93.96 on Thursday. (Pratiksha)
India Rupee: Expected range for rupee – Oct 18
MUMBAI – The following are the expected support and resistance levels for the rupee, as forecast by leading banks and brokerages in an Informist poll:
(Arushi Jain)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Pranav S. Joshi
Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2021. All rights reserved.
Source: Cogencis
