USD/INR opens up as investors truned risk aversion on Trump impeachment fear

The Indian rupee little changed at 71.07 pair now at 71.09 against 71.0050 previous close.
Pair to tip in 70.90-71.25 range today.
Dollar/rupee opened up Wednesday as risk sentiments drooped on report of initiation of impeachment inquiry over US President Donald Trump. Trump comment that he would not accept a "bad deal" in trade negotiations with China, to impacted investors risk appetite. US Speaker Nancy Pelosi announced a formal impeachment inquiry of Trump following reports.

The dollar steadied in Asian trade on Wednesday but remained on the defensive after the launch of a formal impeachment inquiry against President Donald Trump, while the political uncertainty added to worries about economies strained by the Sino-U.S. trade row. The dollar was also undermined by data showing U.S. consumer confidence fell by the most in nine months in September, far more than expected.
Elsewhere, the British pound found some support after the UK Supreme Court ruled that Prime Minister Boris Johnson's decision to suspend parliament for five weeks was unlawful in a further blow to his ambition to pull Britain out of European Union next month with or without a deal. market players saw no signs of a sustainable rebound as the events further deepened the uncertainty investors now attach to the currency.

Oil prices fell for a 2nd day on Wednesday on worries about falling fuel demand after U.S. President Trump comments doused optimism over China-U.S. trade talks.
Gold prices were trading steady on Wednesday, a touch below a nearly three-week high hit in the previous session, as global equities dipped after U.S. lawmakers launched a formal impeachment inquiry into President Donald Trump.

Research