USDINR on Tuesday Opening with mild 4 pips weakness @ 71.14/15 despite Oil price 2% overnight. It seems USDINR pair on defensive mode ahead of key events :- US and China trade talks, Brexit parliamentary vote, FOMC monetary policy decision and India's interim budget. So every DIP is opportunity for buying dollar for short terms.
INTRADAY RANGE - ( 70.92 - 71.22 ) 71.37
The Indian rupee on Monday managed to end 7 pips higher at 71.10 against the US dollar on increased selling of the greenback by exporters amid easing crude oil prices and uptrend in other emerging market currencies. Also, fresh foreign fund inflows propped up the rupee. However, heavy selling in domestic equity market capped the gains of the local unit to some extent.
The safe-haven yen firmed on Tuesday after the U.S. Justice Department charged China's Huawei Technologies Co Ltd with fraud, ratcheting up U.S.-Sino trade tensions and prompting investors to ditch risky assets. Interest rate futures market is pricing in no Fed hikes this year. Last year, the dollar enjoyed a solid rally as the U.S. central bank's raised rates four times thanks to a robust economy.
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