USD/INR opens down on weak dlr, lower crude oil prices

The Indian rupee little changed at 69.14 pair now at 69.05 against 69.2750 previous close.
Pair to tip in 68.80-69.20 range today.
Dollar/rupee opened at a seven-week low on Tuesday tracking a weak greenback amid easing crude oil prices. The greenback continued weakening against its major counterparts tracking a slide in US Treasury yields on increased bets for a near-term rate cut by the Federal Reserve. Brent continued trading around $61/bbl and prospects of a Fed rate cut soon is weighing on dollar Crude oil prices plunged as global economic slowdown affect crude oil demand, triggering calls in producer club OPEC for supply cuts to be extended.

The dollar was on the defensive on Tuesday after taking a beating against peers such as the euro and yen, hurt by a sharp slide in U.S. Treasury yields as traders raised their bets for a near-term rate cut by the Federal Reserve President James Bullard said a rate cut "may be warranted soon" given the rising risk to economic growth posed by global trade tensions as well as weak U.S. inflation. yields had already been on a steep decline as investors have been piling into safe-haven government bonds.
The pound was flat at $1.2665, having crawled off a five-month trough of $1.2560 set on Friday thanks to the dollar's underperformance. Weighed by the prospect of Britain choosing a eurosceptic prime minister who could take a hard line on Brexit.

Oil prices were pressured on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts.
Gold prices held steady on Tuesday, hovering near a three-month high hit in the previous session, as global slowdown worries driven by trade conflicts amid expectations of a U.S. interest rate cut stoked investors towards the safe-haven bullion.

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