Globally, Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC sought to avoid a collapse in prices, along with a slight softening in the U.S. dollar, tempered an earlier selloff. China’s factories saw their profits shrink further in August, data showed on Tuesday, as continued disruptions from COVID-related lockdowns, a weakening yuan and a power shortage dented production. Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the U.S. economy into a sharp downturn. Dow confirms bear market. Speculators are betting the UK’s pound will slide to a level that was virtually unthinkable in recent decades: $1 or less. During Tuesday’s Asian session, Reuters came out with the news quoting anonymous source saying, “Some of China's fund managers, brokers called by regulators to help stabilize stock market ahead of the 20th party congress.” After the pound tumbled as low as $1.035 Monday, the weakest on record, options markets show traders expect it to keep falling.US Dollar Index (DXY) takes offers to refresh its intraday low near 113.70 as it consolidates the latest gains around the two-decade high, marked the previous day, during Tuesday’s Asian session. Gold prices rose slightly from two-year lows on Tuesday as a rally in the dollar paused, Spot gold rose 0.5% to $1,629.96 an ounce. The Rupee plunged another 65 paisa to close at an all time low of 81.63 in previous session. After consistent outperforming among peers, Rupee is falling and reacting aggressively after a rout in global and asian currency comes under pressure from hawkish FED. Still, lower oil prices may support domestic currency and unless the dollar index remains upward, Rupee likely remains in pressure.