The Indian rupee little changed at 70.80 pair now at 70.60 against 70.74 previous close.
Pair to tip in 70.45-70.80 range today.
Dollar/rupee fell after opening higher Tuesday on likely overseas inflows into local stocks amid a weak greenback and lower crude oil prices. Foreign banks are on the sell side. FIIs are buying at lower levels after equities tumbled. Dollar is also weak. The greenback extended its fall against major counterparts on fears that the US trade conflict with China would hurt US economic growth and corporate profits. Brent crude oil futures for October delivery traded at $60.27 a barrel from $61.11 a barrel at the close in spot on Monday.
Chinese state media stuck to the government’s line on the yuan’s weakening, saying the move was normal while stressing the economic benefit of some flexibility in the currency. The yuan falling beyond 7 a dollar is a “market-driven result” that shows the exchange rate is more flexible than before, according to a Monday report by Xinhua News Agency. Some fluctuation in market sentiment is normal amid rising external risks.
The RBA is expected to leave its benchmark interest rate at a record low of 1.00%, but the trade war is a source of concern for Australia's economy because it ships a lot of raw materials to China.
Oil reversed a decline as China’s central bank set the yuan fixing stronger than expected, calming investors after the U.S. escalated the trade war by labeling the Asian nation a currency manipulator.
Gold prices continued to rise on Tuesday as the protracted trade war between the United States and China intensified after Washington designated Beijing a currency manipulator, prompting a flight towards safe-haven assets.
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