Tuesday on oil importers demand as they take advantage of the dip in spot
6 November 2018 / Morning Brief
The Indian rupee little changed at 72.95 pair now at 73.00 against 73.12 previous close.
Pair to tip in 72.70- 73.10 range today.
Dollar/rupee may rebound to Rs 73.15/$1 during intraday trades Tuesday on oil importers demand as they take advantage of the dip in spot pair and oil prices. Oil bids are there supporting dollar demand. The spot pair may trade in a tight range of Rs 72.95-73.10/$1 as there are no major triggers.
The dollar stuck to tight ranges against its major rivals on Tuesday as investors favoured caution ahead of U.S. midterm elections later in the day. The U.S. congressional election is widely expected to boost the Democratic Party, which has a strong chance of winning control of the House of Representatives, with Republicans seen likely to keep the Senate.
The dollar held in tight ranges versus its major rivals on Tuesday with investors putting discretion before valour as they counted down to the U.S. midterm vote, the first major electoral test of President Donald Trump's big tax cuts and hostile trade policies.
Euro zone finance ministers called on Italy overnight to change its 2019 budget to conform with European Union rules before a deadline set for next week, but Rome dug in its heels saying its disputed deficit plan would not change.
Oil prices slipped on Tuesday, weighed down by exemptions from Washington that will allow Iran's biggest oil customers to keep buying from Tehran, as well as concerns that an economic slowdown may curb fuel demand growth.
Gold prices edged lower in early Asian trade on Tuesday as the dollar strengthened, while investors awaited U.S. midterm election results for market direction. Gold was down 0.2 percent at $1,228.20.
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