The Rupee opened stronger on Tuesday as India's central ?bank likely ?sold dollars before the ?local spot ?market opened, lifting ?the rupee ?towards the key ?psychological ?95-per-dollar level. The yen steadied near the 160-per-dollar level on Tuesday after U.S. Treasury Secretary Scott Bessen ramped up pressure on the Bank of Japan to hike rates later this month, while currency markets ?kept a wary watch on renewd attacks in the Middle East. The yen last bought 159.81 ?per dollar, having weakened past the 160 level in the two previous sessions. The yen firmed after Bessent said he ?believed Japan's government and central bank would take action that leads to a stronger yen. Markets are pricing in a 73% chance of a hike from the BOJ later this month, but analysts suggest there needs to be a ?much stronger follow-through by the central bank. The U.S. dollar was subdued, backing away from Friday's gains as investors contended with rising odds of a hike from the Federal Reserve in September after last week's hawkish remarks from Fed Chairman Kevin Warsh. The euro was steady at $1.1623 after eking out a nearly 1% gain for August. Sterling last fetched $1.35575 after a 0.5% rise last month. The dollar index , which measures the ?U.S. currency against six other units, ?eased to 99.37. In other currencies, ?the Australian dollar was a touch firmer at $0.7172, while the New Zealand dollar fetched $0.5921. Oil prices gained on Tuesday as the ?resumption of fighting between the U.S. and Iran in the Middle East renewed fears of ?supply disruptions from the world's key crude-producing region. Brent crude futures were up 56 cents, or 0.6%, to $91.05 a barrel at 0044 GMT, while U.S. West Texas Intermediate crude was up 83 cents, or 1%, to $86.59.......
More