Dollar/rupee closed at Rs 69.26/$1 Monday compared to opening of Rs 69.50/$1. USD/INR ends down on Monday tracking a sharp fall crude oil prices amid a weakness in the greenback. Brent oil prices fell near $60 a barrel due to fears of global recession affecting demand. The dollar is weak tracking falling US Treasury yields.
Brent futures for August delivery traded 1.10% down at $61.31 a barrel on Monday morning. Crude oil prices plunged when crude markets racked up their biggest monthly losses in six months amid stalling demand as trade wars stoked fears of a slowdown in the global economy.
The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 97.65 late Monday compared to 98.04 at close of Indian market on Friday.
The yen brushed a more than four-month high against the dollar on Monday and the Swiss franc rose as U.S. President Donald Trump’s hard stance on trade broadened to countries beyond China, stoking investor demand for safe-haven assets.The yen is considered a safe haven asset in times of geopolitical and financial turmoil as Japan is the world’s biggest creditor nation.
Mexican Economy Minister Graciela Marquez said on Sunday she would meet with U.S. Commerce Secretary Wilbur Ross in Washington on Monday, as the two governments begin holding talks to resolve the issue in the U.S. capital in the coming week.
Sensex rallies 553 points to hit record high of 40,268 in closing ; Nifty scales fresh peak of 12,089 on rate cut hopes.