USD/INR opens up on mo-end dlr demand, strong dlr

The Indian rupee little changed at 69.65 pair now at 69.4950 against 69.71 previous close.
Pair to tip in 69.50-69.80 range today.
Dollar/rupee opened higher Tuesday on buying by nationalised banks likely on behalf of oil importers for their month-end dollar payments. Brent climbed above $70 a barrel and the dollar is strong amid political turmoil in Eurozone. USD/INR opened at Rs 69.65/$1 compared to previous close of Rs 69.49/$1. It then traded between Rs 69.65/$1 and Rs 69.72/$1. Crude oil prices surged backed by ongoing supply cuts led by OPEC and further supported by supply constraints caused by the US sanctions on Iran and Venezuela.

The dollar rose against its major peers on Tuesday as investors awaited new trading catalysts after the European Union parliamentary elections showed a polarisation of the 28-member block.
The euro struggled following remarks by two officials from the currency bloc that the European Commission is likely to start disciplinary steps against Italy on June 5 over the country's rising debt and structural deficit levels, which break European Union rules. a basket of six peers, the dollar gained 0.2% to 97.804 .DXY , trading about 0.6% off a two-year high of 98.371 hit on Thursday. The index is still up 1.7% for the year.

Gold prices inched lower on Tuesday, dropping for the first time in four sessions, as the dollar rebounded from multi-week lows after the European Union parliamentary election results and amid simmering Sino-U.S. trade tensions.
Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns.

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