The Indian rupee little changed at 71.50 pair now at 71.60 against 71.43 previous close.
Pair to tip in 71.50-71.80 range today.
Dollar opened up Tuesday tracking higher crude oil amid a strong dollar. Dollar is strong and crude is gradually inching towards $60/bbl. Crude oil helped by optimism that top economies would take measures to counteract a global slowdown. Brent crude oil future October delivery traded at $59.73 a barrel. The dollar gained against its major counterparts tracking rising US Treasury yields on expectations global economies would unleash fresh stimulus.
Donald Trump has blamed the stubbornly strong dollar on the Federal Reserve’s reluctance to slash interest rates further. But real yields suggest investors fearful of the president’s trade war are what’s keeping the dollar strong.
Investor focus on Tuesday will shift to the first setting of China's new lending benchmark under its recent interest rate reforms. appetite in global markets has been boosted this week by the prospect of Germany ditching its balanced budget rule to boost spending and China's interest rate reform plan, which is expected to lower corporate borrowing costs. Particular focus will centre on Fed Chairman Jerome Powell's comments on monetary policy at a time when investors widely expect the Fed to cut rates again at its next meeting in September.
Gold prices fell more than 1% on Monday as concerns eased that major economies could tip into recession, boosting investors' affinity for risk and detracting from bullion's safe-haven allure.
Crude oil prices rose after an attack on a Saudi oil facility by Yemen's Houthi forces in the weekend threatened crude supplies. Brent crude oil futures of October delivery traded 0.17% higher at $59.84 a barrel.
Global Markets at one Glance
Key Events of the Day
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