The Indian rupee little changed at 69.62 pair now at 69.78 against 69.67 previous close.
Pair to tip in 69.50-69.90 range today.
The Indian rupee edged higher against the dollar in early trade, as traders await the outcome of the central bank’s $5 billion forex swap auction. The excess dollar liquidity due to the forex swap auction has held the rupee above 70 levels despite the spike in crude oil prices. Dollar sales by corporates also kept the rupee supported in early trade. However, the gains are seen limited as importers prop up dollar purchases.
Global Currency
The dollar edged up against a basket of key rivals on Tuesday while the Canadian dollar was supported by rising crude oil prices due to U.S. plans to tighten a clampdown on Iranian oil exports from next month.
The dollar has firmed in recent weeks on the back of higher U.S. 10-year Treasury yields US10YT and signs of strength in the U.S. economy following a weak start of the year. Data released overnight showed U.S. existing home sales fell more than expected in March amid supply constraints, and figures for new home sales will be released later in the global day. those may provide some pointers to the state of the U.S. economy, a clearer picture should emerge from the gross domestic product report set for release on Friday.
Global Markets
Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.
Gold prices steadied on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from geopolitical concerns as Washington ends sanctions waivers on Iranian oil.
