Dollar/rupee closed at Rs 69.71 Tuesday against its opening at 69.73. Dollar/Rupee ends little change ahead of election result. USD/INR swinged between Rs 69.70/$1 and Rs 69.80/$1. Dollar/rupee fluctuated after opening little changed on Tuesday as dealers stayed cautious ahead of election results due on Thursday.

Elevated oil prices are weighing on the rupee, and therefore, despite being cautious, the trades in dollar/rupee will largely be tilted to the upside. Brent futures for July delivery traded 0.48% up at $72.25 a barrel on Tuesday morning.

The dollar was steady near a 2-1/2-week high on Tuesday, supported by higher U.S.-yields and its safe-haven status, with growing worries that the U.S.-China trade war could worsen following Washington’s crackdown on China’s Huawei Technologies.
The dollar index, which tracks the movement of greenback against a basket of six major currencies, traded at 98.00 Tuesday compared to 97.94 at close of Indian market on Monday.

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