USD/INR opens up on oil bids, strong dlr

The Indian rupee little changed at 70.26 pair now at 70.18 against 70.0250 previous close.
Pair to tip in 70.00-70.40 range today.
Dollar/rupee opened up, snapping three-day fall Friday on oil importers' demand as Brent climbed to its highest level in two weeks amid a strong dollar. Oil related dollar demand is supporting the spot pair. Also, dollar is strong backed by upbeat economic data. Crude oil prices climbed to its highest level in two weeks as rising tensions in the Middle East stoked fears of potential supply disruptions. Dollar/rupee opened at Rs 70.25/$1 Friday compared to previous close of Rs 70.02/$1.

The dollar held near a two-week high against its peers on Friday, supported by strong U.S. economic data and a bounce in Treasury yields. DXY stood little changed at 97.802 after reaching 97.882 on Thursday, its highest since May 3. The dollar reached the two-week peak on robust U.S. housing data and a weekly jobless claims report which pointed to sustained labour market strength in the world's biggest economy. U.S. currency also drew strength as its counterparts such as the euro and pound were dogged by bearish factors.
The euro is weighed down as the (euro) zone is saddled with weak economic fundamentals and Italian political concerns, while it's all about Brexit for the pound," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

Oil prices rose again on Friday and were on track for the first weekly gains this month, as rising tensions in the Middle East stoked fears of supply disruptions.
Gold fell on Friday, following its biggest one-day percentage loss in a month in the previous session, on a firmer dollar and increased investor appetite for riskier assets due to strong U.S. data and corporate results.

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