The rupee settled at 70.53 against 69.91 at the previous close. The local unit moved in 70.09 -70.53 per dollar band intra-day.
USD/INR ends up on likely FII outflows from the local stocks Dollar/rupee traded higher in both onshore and offshore markets during Monday afternoon on likely FII outflows from the local stocks and concerns over escalating trade tension between the US and China. Dollar/rupee in the non-deliverable forward market maturing in one month traded at Rs 70.73/$1 during European trades and Rs 70.17/$1 at the start of Indian market Monday. The pair traded at Rs 70.15/$1 at close of Indian market on Friday.
Global Currency
The dollar hit a four-month high against the Chinese yuan but was lower against the yen and Swiss franc early Monday in Europe as the worsening trade conflict between the U.S. and China prompted bids for ‘safe-haven’ assets. The dollar was at 109.73 yen, down 0.2% from late Friday, and having dipped as low as 109.60 overnight. That was just a little above the three-month low that the pair hit on Friday
In Europe, there was little on the data or political calendar to move the euro or British pound. Sterling may be buffeted later in the week by more political maneuvering ahead of European Parliament elections in nine days’ time, as poor polling numbers put more pressure on Prime Minister Theresa May to break off talks with the Labour Party on a cross-party deal to deliver Brexit.
Global Markets
Gold prices fell on Monday as an escalating trade conflict between Washington and Beijing weighed on the yuan, denting demand in the world's biggest consumer of the metal, China. Spot gold XAU= was down 0.2% at $1,283.63 an ounce
Oil futures were mixed on Monday, with U.S. crude edging lower, as investors and traders fretted over global economic growth prospects amid a standoff in Sino-U.S. trade talks.
