USD/INR ends down on selling by foreign banks, weak dlr

The rupee settled at 69.65 against 69.47 at the previous close. The local unit moved in 69.3850-69.6675 per dollar band intra-day.
USD/INR ends down on selling by foreign banks, weak dollar. The greenback continued retreating against its other major counterpart after the US President Donald Trump called off tariff threats on Mexico, weighing on safe haven dollar demand amid increased bets on a Fed rate cut later this year. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.75 Tuesday compared to 96.86 at close of Indian market on Monday.

The dollar held above a recent two-and-a-half-month low on Tuesday as bets on an interest rate cut by the Federal Reserve increased, although investors were wary of selling aggressively before a Group of 20 summit this month. Markets are only pricing in about a 20% chance of a rate cut in June, but they are pricing in about 100% chance of a cut by July. A policy meeting is due next week.
The pound was lower as a leadership contest for the ruling Conservative Party got underway this week. The euro edged to a five-month high against the pound to 89.32 pence before British employment data. Against a basket of other currencies. The dollar was steady at 96.80, near a late March low of 96.46.

Oil edged further above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand. Spot gold XAU= was down 0.4% at $1,322.39 per ounce.
Gold fell to a one-week low on Tuesday as the United States halted its plans to impose tariffs on Mexico, boosting appetite for riskier assets like equities at the expense of alternatives like bullion.

Date	Time	Currency	Event	Actual	Forecast	Previous
11/06/2019	14.00	GBP	Average Earnings Index +Bonus (Apr)	3.1%	2.9%	3.3%
11/06/2019	14.00	GBP	Claimant Count Change (May)	23.2K	22.9K	19.1K

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