USD/INR Closed at 71.03 against its opening at 70.76. USD/INR ends near 1 month high on oil bid and defence related buying Standard Chartered, Bank of America, Deutsche bank along with the foreign bank were seen buying Also, oil bids are seen in the market.
Crude oil prices surged on long position as investors sentiments on the supply cuts concerning the economic slowdown. Brent crude oil futures for March delivery traded 1.19% up at $59.69 a barrel on Tuesday.
Meanwhile, the greenback subdued against major peers on the sentiments eased on China's reserve ratio cut.The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 95.87 during late Asian trades Monday compared to 95.62 at previous close. The greenback remained subdued against major peers on expectation of a pause in Fed rate hike cycle soon, while some optimism around today's Brexit vote also weighed down on dollar.
Asian stocks traded higher as People's Bank of China further eased reserve ratio cuts in order to increase liquidity.Tuesday, the PBOC injected 80 billion yuan ($11.86 billion) through 7-day reverse repos and 100 billion yuan through 28-day tenor, while a batch of 390 billion yuan worth of one-year MLF was set to mature on the same day.
Sensex ends 461 points higher with 28 components in the green.