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

The Indian rupee little changed at 69.42 pair now at 69.37 against 69.44 previous close.
Pair to tip in 69.35 -69.70 range today.
Pair to tip in 69.20 -69.50 range today.
Dollar/rupee opened down on Wednesday tracking a fall in crude oil prices amid a globally weak dollar. Crude prices are lower; dollar is weak as Fed is expected to cut rates in the next few months. The focus will remain on India's CPI data due later today. the dollar continued trading lower against other major counterparts weighed on by expectation of a Fed rate cut in the coming months. Investor focus is now on the Fed's next policy meeting on June 18-19 and on the signals the central bank could offer on the direction.

China's yuan was steady in offshore trade at 6.9259 per dollar after bouncing back the previous day from seven-month lows.The yuan had risen on Tuesday after China's central bank said it would sell yuan-denominated bills in Hong Kong in late June, in a move that some market analysts believed was aimed at stemming a sharp decline in the yuan.
The dollar hung near an 11-week low against its peers on Wednesday, weighed by expectations the U.S. Federal Reserve could cut interest rates some time in the next few months. The index has been under pressure following a sharp decline in long-term U.S. Treasury yields, which fell to near two-year lows on Friday after a soft U.S. jobs report raised expectations for an interest rate cut.

The question of whether a meeting between President Donald Trump and President Xi Jinping is on at the upcoming G20 is holding gold investors in thrall. The yellow metal’s price was barely moving.
Oil prices fell more than 1% on Wednesday, weighed down by a weaker oil demand outlook and a rise in U.S.crude inventories despite growing expectations of ongoing OPEC-led supply cuts. U.S. crude futures were down 85 cents, or 1.6%, at $52.41 per barrel.

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