USDINR started Wednesday session with 15 pips gain @ 70.05/06 against previous closed at 70.19/20 levels. Indian Rupee under pressure on Brent oil rally and on the domestic front, lower estimates of growth kept the currency weighed down against the US dollar.
INTRADAY RANGE - 69.68 (69.88 - 70.27)70.43
On Tuesday ,The rupee opened on a sluggish note at 69.80/81. It weakened further to hit a low of 70.24 (intra-day), before finally closing at 70.19/20, showing a loss of 44 pips, Strong demand for the American currency from importers also weakened the rupee performance. This was the first loss for the Indian currency unit in three sessions. It had risen by 49 pips in the previous two trading days.
The dollar eased against some of its peers on Wednesday, as hopes of progress in the Sino-US trade dispute boosted commodity-linked and riskier currencies. Increased risk appetite helped lift the Australian dollar after US government officials said that trade talks between China and the United States will continue for an unscheduled third day on Wednesday.
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