Rupee ends flat in low volume market as election results eyed

The rupee settled at 69.71 against 69.7350 at the previous close. The local unit moved in 69.65 -69.8050 per dollar band intra-day.
The Indian rupee ended little changed against the dollar on Tuesday as traders largely stayed on the sidelines ahead of the crucial parliament election results which is likely to provide clearer cues with regard to the policy course for the country. For us, as of now, the most important event the election result before any global cues. And waiting for that, I think people don't want to take major position on either side, hence the drop in activity today.

The dollar hit a fresh three-week high against its developed-market peers in early trading in Europe Tuesday, after Federal Reserve Chairman Jerome Powell indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt.
The EUR/USD pair was down 0.2% at $1.1149 while GBP/USD was also down 0.2% at a four-month low of $1.2703, amid reports that the moderate wing of the Conservative Party aims to stop the next party leader (and Prime Minister) from taking the U.K. out of the EU without transitional arrangements. The news underlines how hard it will be to break the political deadlock around Brexit.

Gold eased on Tuesday after touching a more than two-week low in the previous session, as increasing bets that the U.S. Federal Reserve will not cut interest rates this year boosted the dollar which usurped bullion's safe-haven appeal.
Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectations that OPEC producers will continue to curb supply this year. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 42 cents.

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