The Indian rupee little changed at 68.95 pair now at 68.93 against 68.8975 previous close.
Pair to tip in 68.75-69.00 range today.
Dollar/rupee turned flat after opening higher Monday as a strengthening dollar offset impact of lower crude oil prices. Dollar is strong after better than expected US GDP, while oil is down. Some importers were seen buying at opening trades. The greenback gained against its major counterparts after better-than-expected US GDP data last week boosted its sentiment and aided the case for a smaller Fed rate cut on upcoming July policy due on Wednesday.
The dollar held firm on Monday, staying near a two-month high against a basket of currencies after better-than-expected U.S. GDP data last week boosted its yield attraction against rival currencies. The U.S. Federal Reserve is widely expected to cut interest rates for the first time in more than a decade this week, but such a move is being widely seen as a pre-emptive one to protect the economy from global uncertainties and trade pressures.
Sterling fell to a near 28-month low as a no-deal Brexit seems increasingly likely under new British Prime Minister Boris Johnson. British government is working on the assumption that the European Union will not renegotiate its Brexit deal and is ramping up preparations to leave the bloc on Oct. 31 without an agreement.
Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.
Gold prices gained on Monday ahead of this week's U.S. Federal Reserve monetary policy meeting, which is expected to lead to a cut in U.S. interest rates. Spot gold XAU= was up 0.4% at $1,423.49 per ounce.
Global Markets at one Glance
Key Events of the Day
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon