USDINR opened 0.22 pips firm @ 71.33/34 after Monday Closed at 71.55/56 levels. Rupee firm on dollar slip ahead of FOMC as well as Oil prices trading below $60 on anticipation of global slowdown. The dollar remained under pressure on Tuesday as markets counted down to a crucial Federal Reserve meeting amid speculation it will soon hit the pause button to its monetary tightening cycle in the face of rising risks to global growth.
INTRADAY RANGE - 70.85 (71.18 - 71.58)71.72
In a tweet overnight, US President Donald Trump said that it was 'incredible' that the Fed is even considering raising rates given the global economic and political uncertainties. The markets, however, looked past those comments.
In Asia, investors are looking to a major speech by President Xi Jinping on Tuesday to mark the 40th anniversary of China's market reforms. China is also scheduled to hold its annual Central Economic Work Conference this week.
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