USD/INR opened flat as higher crude oil prices offset steady dlr

The Indian rupee little changed at 68.45 pair now at 68.49 against 68.44 previous close.
Pair to tip in 68.40-68.65 range today.
Dollar/rupee opened little changed Friday as higher crude oil prices offset steady dollar. Spot may open flat. Dollar is steady and crude is up but lower than last session. The spot pair may open around Rs 68.42-68.46/$1 Friday compared to Rs 68.44/$1 at previous close. The signs of a pick-up in underlying inflation, along with separate data on weekly jobless claims showing the labor market remaining solid, curbed financial market expectations of a more aggressive 50 basis points cut at the Fed's July 30-31 meeting.

The dollar was steady on Friday, having regained some traction against its peers after stronger-than-expected U.S. inflation data tempered the prospect of an aggressive Federal Reserve interest rate cut later this month.
The core U.S. consumer price index excluding food and energy components rose 0.3% in June, the largest increase since January 2018, data on Thursday showed. signs of a pick-up in underlying inflation, along with separate data on weekly jobless claims showing the labour market remained solid, curbed financial market expectations of a more aggressive 50 basis point cut at the Fed's July 30-31 meeting.

Gold prices rose on Friday and were on track for a weekly gain, as worries over renewed U.S.-China trade tensions and expectations of a rate cut by the Federal Reserve boosted demand for the safe-haven metal.
Oil prices rose on Friday, hovering near six-week highs, as U.S. oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued to simmer in the Middle East.

Research