USD/INR opened down on FII inflows, as trade tensions ease

The Indian rupee little changed at 70.34 pair now at 70.2750 against 70.4350 previous close.
Pair to tip in 70.20-70.60 range today.
Dollar/rupee opened down on Wednesday as foreign investors likely bought local stocks while trade tensions between the US and China seemed easing. Foreign banks are selling dollar may be on behalf of overseas investors. Brent oil prices eased on rise in US stockpiles and the risk appetite of the investors increased as the trade tensions eased between US and China. Local stocks opened higher Wednesday tracking gains in Asian peers on hopes of easing global trade worries.

The dollar held steady while the Australian dollar hovered near a more than four-month low on Wednesday, as traders awaited European and U.S. data for clues on whether the worst is over for the global economy. The dollar was supported as trade issues remained foremost on investors' minds after U.S. President Donald Trump on Tuesday insisted that trade talks with China had not collapsed.
The euro was last a shade firmer at $1.1206. The single currency ended the previous session weaker after Italy's deputy prime minister said the country was ready to break European Union budget rules on debt levels if necessary to boost employment.

Gold prices were little changed on Wednesday in Asia, still trading below the key $1,300 level, as global stocks recovered from an earlier slump this week amid escalating U.S.-China trade tension.
Oil prices fell on Wednesday after data showed a surprise rise in U.S. crude stockpiles and Chinese industrial output for April grew less than expected, but prices were supported by mounting tensions.

Research