The Indian rupee little changed at 71.29 pair now at 71.22 against
71.34 previous close.
Pair to tip in 71.20-71.50 range today.
The Indian rupee rose against the U.S. currency in early trade, in line
with other Asian currencies, amid focus on January Federal Reserve
minutes. Dollar is struggling quite a bit against Asian currencies
today. This is a combination of optimism on US and China trade talks
and traders exiting the dollar ahead of the Fed minutes. This in
conjunction with bunched up dollar inflows should help strengthen
to near 71.00 levels later in the day.
Global Currency
The dollar was capped against its peers on Wednesday on falling U.S.
yields and before the Federal Reserve's policy meeting minutes,
though it managed to gain on the yen as stronger investor risk
appetite curbed demand for the Japanese currency. The dollar index
rose to a two-month high last week but demand for the liquid
greenback has recently ebbed on optimism that a fresh round of
talks between China and the United States would help resolve their
trade conflict.
The pound stretched its overnight rally and rose to a two-week high
of $1.3077 GBP. Sterling had surged more than 1 percent on Tuesday
on hopes that British Prime Minister Theresa May will make progress
in seeking changes to her Brexit deal with the European Union.
Global Markets
Oil prices slipped away from 2019 highs on Wednesday, with surging
U.S. supply and slowing economic growth tempering upward
pressure from supply cuts led by producer club OPEC and from
Washington's sanctions on Iran and Venezuela.
Gold prices held at 10-month highs on Wednesday, supported by
global slowdown concerns and a weaker dollar, with markets eyeing
the release of the US Federal Reserve's policy meeting minutes later
in the session.
