Dollar/rupee opened lower on Thursday due to crude oil

The Indian rupee little changed at 69.71 pair now at 69.79 against 69.83 previous close.
Pair to tip in 69.65-69.95 range today.
Dollar/rupee opened lower on Thursday due to crude oil amid worsening risk appetite aiding demand for safe haven dollar. The growing rhetoric and escalating trade tension had triggered fear of global slowdown and risk off. Crude is also slightly up, hence spot pair open lower. The US and China trade tension deepened after Chinese newspapers reported that China could use rare earths to strike back at US after President Donald Trump remarked he was "not yet ready" to make a deal with China over trade.

The dollar held steady against its key rivals on Thursday as escalating Sino-U.S. trade tensions forced investors to take shelter in safe-haven assets, including government bonds. As the standoff between the world's two biggest economies showed no signs of being resolved, fears of a hit to global growth has rippled through financial markets in recent sessions, with riskier assets in particular bearing the brunt.
The European Commission wrote on Wednesday to the Italian government asking it to explain a deterioration in the country's public finances, a move that sets the stage for a possible legal clash with the eurosceptic coalition in Rome. single currency on Thursday tacked on a tenth of a percent to $1.1142, recovering somewhat after giving up 0.8% in three straight losing sessions.

Gold prices inched down on Thursday as bonds rallied and the dollar hovered near a two-year high, negating the support from an increasingly bitter Sino-U.S. trade dispute that rekindled doubts about global economic growth.
Brent crude futures LCOc1 , the international benchmark for oil prices, were up 14 cents, or 0.2 percent, at $69.59 a barrel. They fell nearly 1% in the previous session after dropping as low as $68.08.

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