USD/INR closed at 68.54 against its open at 68.70. Dollar ended at two-week low Tuesday on selling by foreign banks amid likely overseas funds inflow into local stocks.While, a weak dollar put further pressure on the pair. The currency pair opened higher supported by month-end dollar demand by oil importers.The pair will trade in a tight range ahead of Bank of Japan's monetary policy announcement due today.
Bank of America and JP Morgan Chase sold dollars tracking a weakness in the dollar index as there is nothing much expected from this week's Fed policy.
The greenback remained subdued against other major peers ahead of the major central bank policies' outcome and Friday's US jobs report.
Federal Open Market Committee (FOMC) two-day monetary policy is due on Wednesday.Market participants do not expect any rate action by the Federal Reserve.
While, Brent crude oil prices traded near $75 bbl as traders kept the focus on supply disruptions and the possible hit to crude output from US sanctions on Iran.
BSE Sensex closed 112.18 points up at 37,606.58, while the Nifty 50 ended 36.95 points higher at 11,356.50.
OIL
Oil prices drop on oversupply concerns as OPEC output increased in July.
GOLD
Gold stabilizes ahead of U.S. monetary policy meeting.
ASIAN NEWS
Indonesian president, citing trade war concerns, says country needs 'dollars now'