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

The Indian rupee little changed at 71.02 pair now at 70.92 against 71.03 previous close.
Pair to tip in 70.80-71.10 range today.
Dollar/rupee open flat Thursday as easing crude oil prices offset impact of strong dollar. The dollar gained against major peers as investors cheered US President Trump's hints of progress toward a trade deal with China. President Trump also stoked hopes for a trade deal by telling reporters in NY that the US-China were having good conversations and that an agreement could happen sooner.

The dollar found broad support on Thursday as investors welcomed U.S. President Donald Trump's hints of progress toward a trade deal with China and discounted the prospect of an impeachment probe making much headway in the short term. The corporate tax reduction announced on Friday has spurred $374 million of inflows into Indian stocks in three days, and supported the rupee. That’s adding to the attractiveness of the currency for carry-trade strategies, according to UBS Group AG and Kotak Securities Ltd.
Sterling GBP nursed losses at $1.2359, after dropping more than 1% overnight as investors priced in many more months of Brexit and election risk. greenback had been sold when U.S. House of Representatives Speaker Nancy Pelosi said the Democratic-led chamber was launching an impeachment inquiry over Trump's handling of a call to Ukranian President Volodymyr Zelenskiy.

Oil prices held nearly flat on Thursday after U.S. President Donald Trump said a resolution to the China-U.S. trade rift would come sooner than expected, helping to stave off pressure from rising oil supplies and worries about global growth.
Gold prices inched higher on Thursday as investors resorted to bargain hunting after a sharp drop in the previous session, although a firm dollar limited the gains.

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