The Indian rupee little changed at 71.17 pair now at 71.07 against 71.15 previous close.
Pair to tip in 71.00-71.25 range today.
Dollar opened flat Monday as strong dollar offsets higher Asian currencies as hopes of stimulus program from central banks around the world soothed risk sentiments. Asian currencies are strong while dollar is strong tracking higher US Treasury yields. The People's Bank of China said on Saturday it will improve the mechanism used to establish the loan prime rate from this month, allowing it to use market-based reform methods to help lower real lending rates.
The dollar ended roughly flat on Friday, retracing the morning's move higher, after worries tied to trade tensions and a Federal Reserve rate cut weighed on consumer sentiment and a report that Germany may run a deficit to boost growth lifted the euro. markets started Friday in a better mood with sentiment boosted by expectations for the European Central Bank to err on the side of bold stimulus as soon as central bankers' coming meeting on Sept. 12.
The euro fell to a two-week low of $1.1067 EUR= , shy of the two-year low of $1.1025 it reached on Aug. 1. Friday morning's fall was caused by growing expectations of an interest rate cut by the European Central Bank after Governing Council member Olli Rehn suggested on Thursday the central bank could restart its quantitativ.
Gold prices dipped on Monday on a stronger U.S. dollar and a recovery in equities markets, as hopes of stimulus from major central banks eased fears of a steep global economic downturn.
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-U.S. trade tensions could ease. But price gains were capped by an unusually downbeat OPEC report that stoked concerns about growth in oil demand.
Global Markets at one Glance
Key Events of the Day
CPI (YoY) (Jul)
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon