India Rupee At 1-Mth Low On Higher Crude Prices, Dollar Strength

The Indian rupee little changed at 71.36 pair now at 71.40 against 71.18 previous close.
Pair to tip in 71.20- 71.60 range today.
The Indian rupee fell to an over one-month low against the greenback in early trade, tracking higher crude oil prices and a rally in the dollar index to a two-week high. A surge in crude oil prices is the prime reason weighing on the rupee. Further slowdown in China economy has added to fragile sentiments in the region. Exporters are expected to sell dollars, while volumes may take a hit during the session as U.S. is closed for a holiday.

The dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China's 2018 economic growth slowing to a near three-decade low.
Sterling had climbed to a two-month peak of $1.3001 on Thursday on growing confidence that Britain can avoid leaving the European Union without a deal, but faced profit-taking on Friday. GBP. The pound is at current levels based on assumption that a no deal Brexit has been avoided. But even an exit with a deal will likely leave some damage on the economy, so it is difficult to see the pound make much further headway from here.

Oil prices rose to their highest for 2019 on Monday after data showed refinery processing in China, the world's second-largest oil consumer, climbed to a record in 2018, despite a slowing economy last year. International Brent crude oil futures LCOc1 were at $62.94 per barrel.
Gold tends to gain on expectations of lower interest rates, as they reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on US yields and the dollar.

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