USD/INR ends flat on lack of fresh triggers

The rupee settled at 69.34 against 69.35 at the previous close. The local unit moved in 69.23-69.3875 per dollar band intra-day.
USD/INR ends flat on lack of fresh triggers. Dollar/rupee in offshore market remained little changed during European trades Tuesday tracking the spot pair. The spot pair remained flat tracking steady crude oil prices and a flat greenback amid lack of fresh cues to drive the market. Investors await fresh cues from the upcoming G20 meet in Japan due this weekend where the US President Donald Trump will meet his Chinese counterpart Xi Jinping.

The dollar continued its decline in early trading in Europe Tuesday, with the yen and euro strengthening as traders anticipate the erosion of the interest rate premium on dollar assets. The dollar fell to a 14-month low of 106.79 against the yen, before recovering slightly to trade at 106.97.
Trump considers his meeting with Xi an opportunity to "maintain his engagement" and see where China is on their trade dispute. Sterling benefited from the broad dollar weakness, rising to $1.2754 GBP=D3 , up 0.1% on the day. However the pound is likely to remain under pressure because of Brexit concerns, with eurosceptic Boris Johnson the frontrunner to become the next leader and prime minister. euro was 0.3% firmer against the Swiss franc at 1.1108 francs.

Oil prices inched lower on Tuesday, weighed down by concerns over declining crude demand and a Saudi pledge to offset any shortfall from countries hit by sanctions, as the market shrugged off risks to supply linked to tensions around Iran.
Gold scaled a six-year peak on Tuesday as a weaker dollar, prospects of monetary easing by the U.S. Federal Reserve and simmering U.S.-Iran tensions continued to stoke bullish sentiment in the market.

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