USD/INR opens lower on easing crude oil prices, weak dlr

The Indian rupee little changed at 69.3125 pair now at 69.25 against 69.35 previous close.
Pair to tip in 69.15-69.40 range today.
Dollar/rupee opened down Tuesday as crude oil prices eased and the greenback continued weakening. Oil is slightly lower and dollar remains weak. Few foreign banks are selling dollars. Dollar/rupee opened at Rs 69.31/$1 Tuesday and to its previous close of Rs 69.35/$1. Crude oil prices retreated as concerns over crude demand resurfaced on the back of ongoing trade tension worldwide weighing on growth. Brent futures for August delivery traded 0.86% lower at $64.30 a barrel on Tuesday.

The dollar on Tuesday remained shackled by the prospects of monetary easing by the Federal Reserve while the safe-haven Swiss franc and gold were supported by simmering tensions between Washington and Tehran. Selling in the dollar accelerated after the U.S. Federal Reserve signalled it would cut interest rates before year-end on mounting worries about the fallout from tariff wars President Donald Trump is waging against China.
The British pound remains dogged by Brexit concerns as eurosceptic Boris Johnson is seen as likely to win a majority of votes from Conservative party members who will decide the next leader and prime minister.

Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East.
Gold prices rose to their highest level in nearly six-years on Tuesday as the dollar sat near multi-month lows and the announcement of fresh U.S. sanctions on Iran boosted interest in the safe-haven metal. Spot gold XAU= was up 0.4% at $1,424.35 per ounce.

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