The Indian rupee is currently tradibg at ₹69.58 per dollar as compared to the previous closure at ₹69.51. Rupee had ended 16 paise lower at ₹69.51 against the US dollar on June 13th despite sharp rise in crude oil prices.
Rupee in this week has been consolidating in a narrow range of 69.20 and 69.80 despite volatility in major crosses and is expected to open little changed against dollar with traders eyeing crude oil prices and prospects of an interest rate cut by the Federal Reserve at next week’s meeting, said Motilal Oswal.
The other major catalyst for the dollar in the near term is whether the United States and China will renew trade negotiations at the G20 summit on June 28-29. Uncertainty over Brexit, and the Conservative party leadership contest, are keeping the pound under pressure.
The yen rallied as fading hopes of a US-China trade deal at this month’s G20 meeting and massive street protests in Hong Kong drove investors into safe-haven assets. The euro weakened earlier after International Monetary Director Christine Lagarde warned that escalating trade tensions pose risks to the euro zone, and that trade or other dangers could send the region into a period of low growth and low inflation, it added.