India Rupee Lower On Spike In Oil Prices; Fed Minutes Aid

The Indian rupee little changed at 69.21 pair now at 69.1675 against 69.11 previous close.
Pair to tip in 69.00-69.30 range today.
The Indian rupee fell against the dollar in early trade, tracking an overnight jump in crude oil prices. However, minutes of the Federal Reserve’s latest meeting reinforced a dovish outlook, limiting further losses. Fed minutes are supporting the rupee. However, rise in crude oil prices renewed pressure on the unit Dollar inflows in local equities will be watched for further cues. Focus also remains on elections. Crude oil prices surged after U.S. data showed a deep decline in gasoline stocks.

The dollar and euro were little changed on Wednesday as the Federal Reserve and the European Central Bank hinted they are willing to leave interest rates alone amid signs of flagging growth and risk from trade tensions. The Fed on Wednesday released the minutes on its March 19-20 meeting at which policy-makers signaled they would not raise rates in 2019 and they would stop shrinkage of its bond holdings by September. supports the Fed on its patient path,
The British pound traded at $1.3095 GBP=D4 , unchanged on the day and staying in a triangle holding pattern between $1.2945 and $1.3380 during the past month or so. The EU kicked the can on Brexit down the road for the second time in less than a month, making sure Britain will not crash out of the bloc on Friday.

Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply.
Gold on Thursday hovered near a two-week peak touched in the previous session, as the dollar struggled after the U.S. Federal Reserve and the European Central Bank signalled steady interest rates amid a slowing global economy.

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