USDINR opened 12 pips weaker @69.80/81 verses Monday closed at 69.68/69. After open weakness deepen, as of writing trading at 70.05/06. USDINR depreciation mounting on crude oil prices surged in eight out of nine trading sessions. Traders awaited the outcome of the US -China trade talks and President Donald Trump’s speech.
INTRADAY RANGE - 69.18 (69.35 - 70.09) 70.25
On Monday, the rupee opened on a firm note at 69.42/43. It gained further to hit a high of 69.2350 following dollar selling by exporters, before finally closing at 69.68, up 4 pips. This was the second straight session of gain for the domestic unit. It had risen by 48 pips to settle at 69.72 against the US dollar on Friday. US dollar Monday following dovish stance by the Federal Reserve and rising hopes of a thaw in ongoing US-China trade tiff.
Globally, sentiments were high after two major super economies the US and China expressed interest in settling their tariff war. Envoys of both nations will have discussions during meetings on Monday and Tuesday. The dollar fell versus other major currencies for a fourth straight session on Tuesday, as investors grew increasingly convinced the Federal Reserve will not raise interest rates this year amid uncertainties over the US economy.
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