Indian Rupee Lower Tracking Oil; Trade Talk Optimism Aids

The Indian rupee little changed at 69.07 pair now at 69.27 against 69.15 previous close.
Pair to tip in 69.05-69.40 range today.
The Indian rupee fell against the dollar in early trade, tracking a jump in crude oil prices in the previous session, while spike in long-term U.S. yields outweighed upbeat regional risk appetite on U.S.-China trade deal hopes. Foreign banks are currently on bid, while oil prices edging closer to $72 per barrel is also weighing on the sentiments for the rupee. Traders will continue to watch lumpy dollar inflows and risk-on sentiments in global markets will also limit further losses in the local unit.

The safe-haven Swiss franc has also eased against the euro, which strengthened to 1.1329 franc recovering its losses made late last month to hit a three-week high on the franc. The common currency traded at $1.1304 EUR keeping intact its slow recovery from $1.1183 touched on April 2. It rose to as high as $1.1324 on Friday.
The more positive mood helped offset any concerns about upcoming trade talks between the United States and Japan, in which Washington is expected to include a currency provision in a bilateral trade agreement. are seeing a classical risk-on market. But Uchida also believes the dollar's upside may be limited, given that speculators have already built up large long positions in the U.S. currency.

Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies kept prices well supported. Brent crude oil were at $71.46 a barrel at 0233 GMT, down 9 cents, or 0.1%, from their last close, having hit their highest since Nov. 12 on Friday at $71.87.
Gold prices fell to a more than one-week low on Monday, as stronger-than-expected data from China and a robust start to the U.S. earnings season soothed concerns about global economic slowdown, denting the appeal of bullion. Gold eased 0.1 percent to $1,288.85 per ounce.

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