USDINR start Friday trade with 7 pips firm @ 71.00/01 verses yesterday finished at 71.07/08. At present, rupee is once again focusing on crude oil prices, and correlation with it is extremely positive. In fact, last five trading session, a correlation between the US dollar and equity market is close to zero and total correlation with crude oil prices is near 80%. So once again our currency movement is focused on crude.
INTRADAY RANGE - 70.72 ( 70.90 - 71.18 ) 71.28
On Thursday Indian rupee furthered gains by 26 pips to close at 71.07 against the US dollar as softer crude prices and gains in domestic equities bolstered forex market sentiments. Besides, stronger Asian currencies against US dollar propped up the Indian unit. The domestic currency has gathered 37 pips in the two straight sessions of gains.
Sterling rallied to its early November highs against the dollar on Friday after The Sun reported that Northern Ireland's Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May's Brexit deal next week. The sterling has been under pressure over recent weeks on the Brexit uncertainty, a period in which growing pessimism over the global economy pushed investors toward the safe-haven dollar. The Sun report lifted the pound 0.3 per cent to $1.3107 in early Asian trade.
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