India Rupee Higher As Weak U.S. Job Growth Dents Dollar

The Indian rupee little changed at 70.01 pair now at 69.88 against 70.1450 previous close.
Pair to tip in 69.80-70.30 range today.
The Indian rupee rose against the dollar in early trade after employers in the world’s largest economy added fewer number of jobs than expected. Weak U.S. jobs report is hurting the dollar and lifting Asian currencies. Expectation of foreign fund inflows will further be supportive of the rupee. However, importers' demand and concerns surrounding Brexit may limit further losses for the dollar.

The dollar edged up on Monday, hovering close to a near three-month high as investors continued to favour the greenback amid global growth concerns, while sterling kept declining on uncertainty over Britain's exit from the European Union.
The pound fell for an eighth day, the longest-losing streak in 10 months, as reports circulated that Prime Minister Theresa May is losing support for her Brexit vote and possibly her own position. Sterling slid 0.4% to 1.2966 after May failed to secure significant concessions from the European Union in the latest round of talks. She should put the vote on hold, the Times said.

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity. Brent crude futures LCOc1 were at $65.04 per barrel, up 30 cents.
Gold prices inched lower on Monday as the dollar firmed, but concerns about global economic slowdown further increased by poor U.S. jobs data kept the precious metal pinned at near a more than one-week peak level.

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