The Indian rupee little changed at 69.80 pair now at 69.99 against
69.68 previous close.
Pair to tip in 69.80- 70.30 range today.
The Indian rupee fell against the dollar in early trade, tracking
persistent rise in crude oil prices and dollar purchases by foreign
banks, likely for their corporate clients. Continuous rise in crude oil
prices on improved risk sentiment has kept the rupee under
pressure. An European lender bought dollars in early trade
apparently on behalf of its corporate client. Demand for the dollar is
expected to increase as the day progresses, while volumes remain
tepid.
Global Currency
The dollar fell versus other major currencies for a fourth straight
session on Tuesday, as investors grew increasingly convinced the
Federal Reserve will not raise interest rates this year amid
uncertainties over the U.S. economy. U.S. inflation has been well
behaved so far and so the Fed does have room to pause on its rate
hike cycle.
The euro was fetching $1.1478, gaining 0.05 percent. The single
currency has gained around 1.5 percent over the last three trading
sessions as the outlook towards the greenback worsened.
Global Markets
Oil prices were stable on Tuesday, supported by hopes that talks
under way in Beijing involving U.S. and Chinese officials could end
trade disputes between the world's biggest economies, while OPECled
supply cuts also tightened markets.
Gold held steady on Tuesday as bets on a pause in U.S. interest rate
hikes and hopes of a Sino‐U.S. trade deal put pressure on the dollar,
but an improved risk appetite capped gains for the safe-haven metal.
Spot gold XAU= was little changed at $1,287.70 by 0148 GMT. It hit a
more‐than 6‐month peak at $1,298.42 on Friday.
