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

The Indian rupee little changed at 68.70 pair now at 68.75 against 68.71 previous close.
Pair to tip in 68.60-68.90 range today.
Dollar/rupee opened little changed Wednesday as easing crude oil prices offset a strong dollar following the upbeat US retail sales data release on Tuesday. Crude oil prices plunged, while dollar strengthened on the back of strong retail sales data from the US. The greenback extended gains against major counterparts after stronger-than-expected June US retail sales data reduced the chances of more aggressive Fed rate cuts. The struggling pound and euro also provided additional impetus to the dollar.

The dollar stood firm on Wednesday after upbeat U.S. data further tempered expectations of aggressive policy easing by the Federal Reserve later this month. The dollar rose after stronger-than-expected June U.S. retail sales data dampened expectations that the Fed could cut interest rates by 50 basis points (bps) rather than 25 bps at its month-end policy review.
The pound GBP retreated to a 27-month low of $1.2396 overnight as Boris Johnson and Jeremy Hunt, the two candidates to be Britain's next prime minister, vied to outgun each other on taking a harder Brexit stance. GBP Sterling last traded little changed at $1.2411.

Gold prices edged lower on Wednesday, but still held above the psychological $1,400 level, as the dollar gained after robust U.S. retail sales tempered fears of a sharp downturn in the world's largest economy.
Gold prices edged lower on Wednesday, but still held above the psychological $1,400 level, as the dollar gained after robust U.S. retail sales tempered fears of a sharp downturn in the world's largest economy.

Research