The Indian rupee little changed at 71.00 pair now at 71.07 against
71.1750 previous close.
Pair to tip in 70.80-71.20 range today.
The Indian rupee rose against the dollar in early trade, in line with
most Asian currencies amid broad weakness in the greenback, as
investors await the Federal Reserve meeting outcome due this week.
Investors are expecting a dovish Fed policy, which has weighed on
the dollar and lifted the emerging market currencies, while risk
appetite also rebounded after U.S. government shutdown ended.
Global Currency
The dollar eased versus most of its peers on Monday as investors
turned their attention to this week's Federal Reserve policy meeting,
with traders wagering policymakers will signal a pause in their
tightening cycle. The Federal Open Market Committee meets
between Jan 29-30, and Chairman Jerome Powell is widely expected
to acknowledge growing risks to the U.S. economy as global
momentum weakens. The Fed will most likely keep rates steady this
year given the state of economic growth outside the U.S.
Sterling GBP= was up modestly, holding above the key psychological
level of $1.32. The cable gained 2.5 percent last week after a report
in the Sun newspaper that Northern Ireland's Democratic Unionist
Party had privately decided to offer conditional backing for British
Prime Minister Theresa May's Brexit deal this week.
Global Markets
Oil prices fell on Monday after U.S. energy firms added rigs for the
first time this year in a sign that crude production there will rise
further.
Gold slipped on Monday as a deal to reopen the US government
dented safe-haven demand, but prices hovered above the key
$1,300-level on hopes the US Federal Reserve will keep interest rates
unchanged this week.
