The Indian rupee little changed at 71.40 pair now at 71.54 against 71.58 previous close.
Pair to tip in 71.24- 71.70 range today.
The Indian rupee rose against the dollar in early trade, tracking recovery in Asian currencies led by the Chinese yuan, while global crude oil prices also came off highs. The rupee is seen consolidating after dropping over 2% since last week. The domestic currency, which is Asia’s worst performing currency in 2018, has depreciated nearly 12% against the dollar so far this year.
Global Currency
The dollar largely held onto gains on Wednesday as the lingering threat of a major escalation in the trade conflict between the United States and China weighed on risk sentiment. Fears of a hit to global growth from U.S. President Donald Trump's 'America First' protectionist policies have kept markets in a state of heightened anxiety for much of this year.
The euro EUR= was 0.16 percent higher at $1.1599 as of 0321 GMT, and the British pound GBP=D3 was up 0.1 percent at $1.2864. Emerging market currencies fell overnight as investors feared export-oriented economies would be caught in the crossfire of any escalating trade conflict.
Global Markets
Oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on U.S. Gulf coast production was not as strong as initially expected. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.47 per barrel.
Gold slipped on Tuesday as concerns over an escalating trade war between the United States and China battered emerging market currencies and prompted investors to seek perceived safety in the dollar. A stronger dollar makes dollar-priced gold costlier for non-U.S. investors.
