The Indian rupee little changed at 71.14 pair now at 71.13 against
71.10 previous close.
Pair to tip in 70.90-71.40 range today.
The Indian rupee was little changed against the dollar in early trade,
as an overnight decline in crude oil prices offset impact from
subdued risk appetite and importers’ dollar demand. Foreign banks’
dollar sales and fall in crude oil prices helped offset month-end dollar
demand from importers and tepid risk sentiments. Participants are
also balancing their positions ahead of currency futures expiry later
today. Participants will keep their positions light ahead of the
outcome of the Federal Reserve meeting due tomorrow.
Global Currency
The dollar was little changed against a basket of currencies on
Monday as traders were cautious about staking new positions ahead
of the Federal Reserve's two-day policy meeting and trade talks
between China and the United States. Safe-haven demand for the
dollar dried up as the U.S. government started to reopen after a
record-long shutdown, and investors were bracing for a slew of
economic figures that had been postponed.
Sterling declined following its biggest weekly rise in more than 15
months. With the United Kingdom set to leave the European Union
on March 29, lawmakers have set votes in parliament on Tuesday
over terms for Brexit. The pound was down 0.29 percent at $1.3159,
while the euro was up 0.44 percent at 86.85 pence.
Global Markets
Oil prices crept up on Tuesday after Washington imposed sanctions
on Venezuelan state-owned oil firm PDVSA in a step set to severely
curb the OPEC member's crude exports to the United States.
Gold was little changed on Monday, hovering near the $1,300 mark
as investors awaited further developments on the U.S.-China trade
dispute and the Federal Reserve's interest rate trajectory. The metal
broke above the key $1,300 psychological level in the last session.
