The Indian rupee little changed at 71.15 pair now at 71.20 against
71.4350 previous close.
Pair to tip in 71.00-71.40 range today.
The Indian rupee is expected to open higher against the dollar in the
wake of a broad advance in regional currencies. The Brent crude’s
decline amid a selloff on Wall Street is further expected to boost the
rupee, a dealer at a commodity firm said. The Indonesian rupiah, the
Chinese yuan, and the Thai baht led regional currencies higher on
Wednesday, rebounding from losses in the previous two sessions.
The advance came amid a decline in long-term. Fiscal concerns amid
expectations of a populist budget ahead of India’s federal elections
will keep dollar bulls “interested on any significant dips” on the pair.
Global Currency
The dollar fell against the Japanese yen on Tuesday, as worries about
flagging global growth and concerns about continuing U.S.-Chinese
trade tensions drove investors to seek out safe-haven assets.
The safe-haven yen fell versus its peers on Wednesday as concerns
over slowing global growth and U.S.-Sino trade tensions dampened
investors' appetite for riskier assets. As expected, the Bank of Japan
kept monetary policy unchanged and trimmed its inflation forecast,
with a larger-than-expected drop in December export data earlier in
the day underlining the need for continued support for the trade.
Global Markets
Oil prices were steady on Wednesday on hopes that increased
Chinese spending would stem an economic slowdown that is
showing signs of spreading and has been weighing on financial
markets. Crude oil futures LCOc1 were at $61.49 per barrel at 0314
GMT, virtually unchanged from their last close.
Gold held firm on Tuesday, propped by interest from investors
seeking refuge from concerns over slowing global growth, while
gains for the metal were limited as the dollar held near a multi-week
peak. U.S. gold futures GCv1 settled up 0.1 percent to $1,283.4.
