USD/INR down on weak dlr, inline Chinese econ data

The Indian rupee little changed at 68.54 pair now at 68.55 against 68.68 previous close.
Pair to tip in 68.40-68.65 range today.
Dollar/rupee opened lower Monday tracking a weak dollar amid release of dismal growth data from China, traders said. Asian currencies are slightly positive on weak dollar index. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.83 compared with 97.06 at close of spot rupee market on Friday. The dollar remained weak against major peers pinned down by expectations of a Federal Reserve rate cut this month.

The dollar weakened for a third straight session on Friday, still pressured by expectations the Federal Reserve will start cutting interest rates at a monetary policy meeting later this month. The dollar briefly trimmed losses after U.S. data showed producer prices rose slightly in June, up 0.1% following a similar gain in May. In the 12 months through June, the PPI rose 1.7%, the smallest gain since January 2017.
The dovish stances of most other G10 central banks is offsetting the impact of potential Fed action on the U.S. dollar crosses," Foley said, noting, for instance, that she expects the European Central Bank to cut its discount rate further into negative territory at its September meeting.

Gold prices held steady in early Asian trade on Monday, as market participants awaited key economic data from China for cues about the health of the world's second-largest economy. Spot gold was flat at $1,412.34 per ounce.
Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer.

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