The Indian rupee little changed at 69.67 pair now at 69.67 against 69.71 previous close.
Pair to tip in 69.40-69.80 range today.
Dollar/rupee opened lower on Wednesday as the cooling oil prices weakened dollar demand in the domestic market while largely higher Asian shares have filled hopes of overseas inflows to the Indian equities as well. Definitely, oil is helping rupee today. But the market is going to be a tightly traded one as election results are the most important factor everyone is looking at. Rising inventories in the US and the latest Saudi rhetoric conveying their readiness to keep the prices balanced helped cool oil prices on Wednesday.
Global Currency
The U.S. dollar was little changed on Wednesday in Asia while the British pound edged up after “new” Brexit deal. It received some support earlier in the day and is currently trading near a one-month high after Federal Reserve Chairman Jerome Powell indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt. The GBP/USD pair was up 0.1% to after U.K. Prime Minister Theresa May set out a “new” Brexit deal that offers the prospect of a vote on holding a second referendum.
The dollar hovered near a four-week high on Wednesday, supported by higher U.S. yields after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.
Global Markets
Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve's latest meeting.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced. Crudeoil were down 38 cents or 0.5 %, at $71.80.
