USDINR opened 0.1950 pips weaker at 71.36/37 against Friday finished trade at 71.1650/1750. USDINR depreciation support by greenback trading near 2 week higher levels as well as global crude oil prices continued to rally after supply cuts led by OPEC supported prices. OPEC issued a list of oil production cuts by its members and other major producers for six months starting on January 1 to boost confidence in its oil supply reduction pact.
INTRADAY RANGE - 70.88 ( 71.04 - 71.53 ) 71.72
On Friday weakened by 10 pips to close at 71.1650 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices. This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 24 pips . In the previous week, the local unit had slumped by 82 pips. The forex reserves continued its upward march and increased by $1.267 billion to $397.351 billion in the week to January 11, aided by a rise in core currency assets and value of gold, the RBI said Friday. The overall kitty had swelled by $2.68 billion to $396.084 billion in the previous reporting week. In the reporting week, foreign currency assets -- a major component of the overall reserves rose by $1.087 billion to $371.379 billion, the Reserve Bank said.
The dollar hovered near a two-week high against a basket of currencies on Monday, supported by a sustained recovery in investor risk appetite which nudged US bond yields higher. Hopes for a thaw in US-China trade tensions, a more dovish-sounding Federal Reserve and optimism that Britain could avoid a "No-Deal" Brexit are some of the factors that have fanned the return in investor risk appetite, which went into a deep freeze in December amid a slide in global equity markets.
コメント