USD/INR down on lower oil, dlr higher

The Indian rupee little changed at 68.9725 pair now at 69.02 against 68.9450 previous close.
Pair to tip in 68.90-69.20 range today.
Dollar/rupee opened flat on Tuesday as increased prospects of foreign portfolio inflows to local assets weighed, but the surge in crude oil and a broadly stronger dollar supported the pair. The G-20 result was overall risk supportive and that helped the rupee's stronger opening today. But the dollar has strengthened as the trade war-related pressure on the Fed to cut rates has somewhat eased and oil has surged after producers have decided to keep supplies restricted, he said, adding that these conditions will act as a support for the USD/INR.

The dollar rose to two-week highs on Monday after the United States and China agreed to resume trade talks, with investors selling safe-haven currencies such as the Japanese yen and Swiss franc as tensions eased between the world's two largest economies. While reports of an agreement had been flagged ahead of U.S. President Donald Trump and Chinese counterparty Xi Jinping's meeting on the sidelines of the G20 meeting in Osaka, Japan, the outcome was more positive than investors had expected.
The yen, which investors tend to buy when they are looking for safety, fell, pushing the dollar up 0.5% at 108.47 yen JPY= . Earlier, the dollar hit a two-week high of 108.53 yen.

Oil prices drifted lower on Tuesday, as weak global data raised concerns about future demand for the commodity despite a positive boost from OPEC's decision to extend supply cuts until next March.
Gold slid by as much as 2% on Monday as the dollar rallied and investors flocked to higher-risk assets after the agreement to resume of trade talks between the United States and China. U.S. gold futures GCv1 settled 1.7% lower to $1,389.30 per ounce.

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