USD/INR opens below Rs 71/$1 on improved risk-appetite, lower crude oil prices

The Indian rupee little changed at 70.99 pair now at 70.91 against 71.40 previous close.
Pair to tip in 70.70-71.00 range today.
Dollar/rupee opened lower Wednesday on improved risk appetite following the US President Donald Trump's decision to delay additional tariffs on some Chinese goods amid falling crude oil prices. Risk-aversion improved after the news of US decision of delaying tariffs on few Chinese goods. After an overnight surge, oil prices started falling after an industry report showing rise in US inventories. The US announced a delay of tariffs on Chinese-made cell phones, laptop computers and other items and removing other Chinese imports from its target list, under pressure from businesses.

The yen rose on Wednesday as weaker-than-expected Chinese economic data reinforced the view that resolving the trade war was a long way off even if U.S. President Donald Trump had delayed some additional tariffs. The offshore yuan remained lower against the dollar after China's closely watched industrial output rose in July at the slowest pace in more than 17 years. The onshore yuan rose against the dollar, taking its cue from a stronger fixing.
News the US would delay some tariffs supported Asian stocks, but optimism in the currency market quickly faded on broader concerns there are no quick solutions to the trade row which economists say is dragging on Chinas economy and threatening global growth.

Gold steadied on Wednesday, consolidating around the key $1,500 level, buoyed by uncertainty around political risks such as the unrest in Hong Kong amid global growth concerns.
Oil prices fell on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods.

Research