USDINR closed up at 68.4500 against its opening at 68.3900. Dollar ended at three-week low Tuesday on selling by exporters amid sharp moderation in oil prices. "Exporters remained on the sell side as importers dollar demand dropped following easing of Brent crude oil prices towards $71 a barrel," .
Oil prices sharply moderated, dropping about $3 a barrel after re-opening of Libyan export ports and traders eyeing potential supply increases by Russia and other producers drove the oil prices further down.
Adding to this, US Treasury Secretary Steve Mnuchin said some crude importers may receive waivers to continue buying supplies from Iran, despite US sanctions on the Middle Eastern country.
Brent crude oil futures for September delivery traded at $72.19 a barrel on Monday.
The greenback gained marginally ahead of the Federal Reserve Chairman Jerome Powell's first congressional testimony as investors await clues on the pace of US interest rate rises.
BSE Sensex closed 196.19 points up at 36,519.96, while the Nifty 50 ended 71.20 points higher at 11,008.05.
GOLD
Gold prices were steady on Tuesday, as the U.S. dollar remained largely unchanged ahead of U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony.
OIL
Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days.
ASIAN NEWS
Asian stocks were mostly lower on Tuesday, with a sharp decline in crude oil prices weighing on energy shares, while the dollar dipped ahead of Federal Reserve Chairman Jerome Powell’s first U.S. congressional testimony