USD/INR opens flat as lower crude oil prices offset strong dlr

The Indian rupee little changed at 69.35 pair now at 69.33 against 69.34 previous close.
Pair to tip in 69.20 -69.50 range today.
Dollar/rupee opened little changed Thursday as the upside pressures due to higher dollar index was offset by decreased demand from oil importers as crude prices continued to fall in the international market. Crude is below $60/bbl. However, dollar is strong supported by safe haven demand. Investors now await key events due later this month including the Fed's policy review and the G20 meeting in Osaka on June 28-29. The safer greenback rose against its major counterparts as the flared up Sino-US trade tension is taking a toll on global risk-appetite.

The dollar held its gains early on Thursday after rebounding from 11-week lows, as peers such as the euro, pound and commodity currencies sagged due to troubles of their own. Data released on Wednesday showed U.S. consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy increased pressure on the Fed to lower interest rates this year.
The euro took a hit after U.S. President Donald Trump said on Wednesday he was considering sanctions over Russia's Nord Stream 2 natural gas pipeline project and warned Germany against being dependent on Russia for energy. The euro was a shade higher at $1.1293 after retreating 0.35% overnight.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in U.S. crude stockpiles and concerns about lower demand growth.
Gold held steady in early Asian trade on Thursday as festering Sino-U.S. trade tensions and hopes of an interest rate cut by the U.S. central bank following soft inflation data buoyed demand for the safe-haven bullion.

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