The Indian rupee little changed at 69.90 pair now at 69.85 against 69.72 previous close.
Pair to tip in 69.70-70.00 range today.
Dollar/rupee may extended gains upto Rs 70.05/$1 by late trades Thursday on likely FII outflows from the local stocks amid concerns over escalating trade tension between the US and China, which dampened the risk appetite of the investors. ANZ Bank and Deutsche Bank are the main buyers along with other foreign banks on behalf of overseas investors, who pulled out from the local stocks. Over the day, the spot pair may trade in a range of Rs 69.65-70.05/$1 Thursday.
Global Currency
The dollar hovered near a six-week low versus the yen on Thursday, weighed down against the safe-haven Japanese peer as risk aversion gripped broader markets amid concerns the U.S.-China trade conflict could escalate. Markets were nervously awaiting the start of two-day trade talks in Washington later in the global day to see if Chinese negotiators can convince the White House to back down on a threatened tariff hike on Friday.
The euro was flat at $1.1190 EUR= , having spent the week in a tight $1.1218-$1.1155 range. The dollar index against a basket of six major currencies was little changed at 97.612 .DXY.
Global Markets
Oil prices dropped 1 percent on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles.Gold prices held steady on Thursday ahead of Sino-U.S. trade negotiations, while demand for government bonds and Japanese yen and a key technical resistance limited gains for the safe-haven metal. Spot gold XAU= firm at $1,280.76 per ounce at 0317 GMT.
