India Rupee Slips As Crude Prices Surge; Corporate Dlr Sales Aid

The Indian rupee little changed at 68.99 pair now at 68.87 against 68.86 previous close.
Pair to tip in 68.75-69.10 range today.
The Indian rupee was slightly lower against the dollar in early trade, as crude oil prices breached the $68 per barrel level, increasing concerns about widening of the nation’s trade deficit. However, some dollar sales by state-run and private banks, likely on behalf of their corporate clients, limited further losses. However, a large staterun bank and some private lenders sold dollars, likely for corporates. Offers related to currency expiry, due today, will also be watched for further cues.

The dollar edged higher on Wednesday and antipodean currencies beat a hasty retreat after the Reserve Bank of New Zealand surprised the markets by opening the door to future monetary policy easing. The dollar index versus a basket of six major currencies was up 0.2 percent at 96.912 .DXY , adding to modest gains made overnight.
The euro lost 0.1 percent to $1.1255 extending overnight losses. The currency has been on shaky ground after Friday's weaker-thanexpected German manufacturing survey raised concerns about Europe's largest economy. The pound edged down 0.15% to $1.3185 retracing its earlier gains in the face of the broadly stronger dollar.

Oil prices crept up on Wednesday, extending the previous session's rise, but gains were kept in check amid growing fears over the impact of a global economic slowdown on demand. U.S. crude futures added 9 cents to $60.03, also reversing losses in earlier trade
Gold inched up on Wednesday, after falling the most in nearly two weeks in the previous session, as share markets retreated on worries about a possible U.S. recession and weak data added to concerns about the economy.

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