USD/INR opens up on oil bids, weak Chinese yuan, steady dlr

The Indian rupee little changed at 71.92 pair now at 72.02 against 71.81 previous close.
Pair to tip in 71.80-72.10 range today.
Dollar/rupee opened higher Friday tracking on oil bids and tracking a weak Chinese yuan amid a steady greenback ahead of Jackson Hole Symposium. Nationalised and foreign banks are buying. Oil bids are there. Chinese yuan is also weak and dollar remained steady. Powells speech is eyed. Investors now await Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium due later today. Powell is expected to stick with his message that the central bank.

The dollar held firm in Asia on Friday on expectations Federal Reserve Chairman Jerome Powell will, in a pivotal speech, stick with his message that the U.S. central bank has not entered a prolonged monetary easing cycle. Powell gives the highly-awaited speech later Friday at a meeting of central bankers in Jackson Hole. Doubts about further easing emerged after two Fed officials said they saw no reason to cut interest rates again without new signs of weakness.
The euro held steady at $1.1073, on course for its second weekly decline against the Dollar. Trump arrives at the G7 summit in France to discuss differences over trade, Iran and climate change. Trump slaps tariffs on EU cars and car part imports, which he says pose a national security threat, it would pose a new risk to Europe's economic outlook.

Gold prices slipped on Friday, but held near the key $1,500 level amid trade uncertainties and ahead of U.S. Fed chair's speech for clues on future rate cuts.
Oil ended lower as weak U.S. factory data highlighted demand concerns, and prospects of a Federal Reserve interest rate cut. The market has been shifting to focus on global demand from U.S. trade policy.

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