India Rupee At 2-Month High On Weak U.S. Data, Strong Shares

The rupee settled at 69.88 against 70.1450 at the previous close. The local unit moved in 69.8250 -70.0350 per dollar band intra-day.
The Indian rupee closed at its highest level in over two months against the dollar, aided by weaker-than-expected U.S. jobs data and expectations of foreign fund inflows amid a jump in local shares. We are witnessing the carry trade inflows on expectations of ruling party BJP to come to power in the upcoming elections. Lack of uncertainty in the global markets is also aiding the rupee and the dollar may come under pressure if weak U.S. jobs numbers sustain. Traders will focus on the upcoming elections for further cues.

The U.S. dollar was little changed in early European hours on Monday, as investors looked ahead to the latest U.S. retail sales report for further hints on the strength of the economy. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, held steady at 97.29 best level since Dec. 14 last year.
British pound was down 0.1% to $1.2998 after briefly dipping to a near three-week low of $1.2960 on nervousness over Brexit. Sterling has come under renewed pressure after British foreign minister Jeremy Hunt said on Sunday Brexit could be reversed if lawmakers reject the government's exit deal.

Oil prices gained on Monday in Asia following reports that Saudi Arabia oil minister Khalid al-Falih said there will be no OPEC+ output policy change until June. International Brent Oil Futures were up 0.3%, at $65.94 a barrel.
Gold prices slipped on Monday in Asia after gaining almost 1% in the previous session as a weak U.S. employment report sent the greenback lower and clouded the outlook for the global economy.

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