INR opens 69.76 as against Fri close of 69.91. Range for the day is 69.58 to 69.90. It has become very tricky and not sure whether in coming days we are going towards 71 or towards 6880. We believe that global issues led by Trump and crude oil are concern. As we approach November ( US mid term elections) there are good chances that Trump may get more aggressive. And by then, we would have election heat in three States in India.
China has reintroduced counter cyclical method to keep CNY stable. This led to CNY seeing gains, at one point also below 6.8. Now about 6.8050. This could keep INR weakness under check.
After Jackson Hole symposium, Fed chief reiterated gradual rate hikes and USD saw mild sell off after the meeting.
Today UK market is closed and therefore not much action during the day in crosses.