The Indian rupee little changed at 70.05 pair now at 70.43 against
70.20 previous close.
Pair to tip in 70.00- 70.50 range today.
The Indian rupee was lower against the dollar in early trade, as
foreign banks and oil importers stepped up dollar purchases tracking
another surge in crude oil prices, outweighing opening gains
triggered by expectations that the U.S. and China will resolve their
trade disputes. Strong correlation between shares and oil prices
capped gains in the rupee, while lack of any major dollar inflows and
increasing dollar demand from importers will keep the local unit
under pressure.
Global Currency
The dollar eased against some of its peers on Wednesday, as hopes
of progress in the Sino-U.S. trade dispute boosted commodity-linked
and riskier currencies. The rally in risk assets has accelerated since
last Friday when Federal Reserve Chairman Jerome Powell said he
was aware of risks to the economy and would be patient and flexible
in policy decisions this year.
The euro gained 0.2 percent to $1.1457, but its rebound was not big
enough to recover a slightly steeper loss booked during the previous
session on concerns about a slowdown in the euro zone economy.
Global Markets
Oil prices rose on Wednesday, extending gains from the previous
session on hopes that Washington and Beijing can resolve a trade
dispute that has triggered a global economic slowdown. U.S. Crude
oil were at $50.29 per barrel.
Gold prices held steady on Wednesday as a potential close to a
months-long Sino-U.S. trade war lifted risk sentiment, countering
expectations that the Fed would pause interest rate increases for
this year. Spot gold slipped 0.2 percent to $1,282.97 per ounce by
and U.S. gold settled down 0.1 percent at $1,284.5 per ounce.
