Rupee Opens Higher As Crude Suffers Biggest Loss In 2019

Rupee Opens Higher As Crude Suffers Biggest Loss In 2019

24 May 2019 09:11 AM
 
USD/INR – The Indian rupee opened higher against the dollar after crude oil suffered its biggest decline since late-December. The rupee opened at 69.75 compared with its previous close of 70.01. Crude oil prices plunged yesterday alongside U.S. equities amid mounting fears that the trade standoff between the U.S. and China could intensify. The trade conflict between the two nations has worsened in recent weeks after Washington increased tariffs on Chinese shipments and threatened to tax all imports from the Asian nation. Further hurting oil prices and equities was data that revealed that U.S. manufacturing activity fell to a near 10-year low. IHS Markit “flash” Purchasing Managers Index fell to 50.6 in May, down from a final reading of 52.6 in April. EUR/USD – The euro was flat at $1.1183, having bounced from a two-year low of $1.11055 during the previous session. The single currency came under pressure after a private survey showed activity in Germany's services and manufacturing sectors fell in May, aggravating fears about the effect of unresolved trade disputes on Europe's largest Economy. Compounding these worries, European parliamentary elections began on Thursday with eurosceptic parties expected to do well, raising concerns about the single currency's stability.

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