USD/INR snaps 3-day fall on oil bids, strong US econ data

The rupee settled at 69.15 against 69.92 at the previous close. The local unit moved in 69.03-69.37 per dollar band intra-day.
Dollar/rupee snapped three-day fall Friday on buying by nationalised banks likely on behalf of oil importers. Also, upbeat jobless claims data and producer price index from the US supported dollar demand. Dollar demand today was mainly supported by oil bids and strong US data. PSBs and private banks were on buy side. Crude oil prices continued to stick above $71/bbl, as supported by ongoing supply cuts led by producer club OPEC and by US sanctions on petroleum exporters Iran and Venezuela.

The dollar index against a basket of six major currencies .DXY was down 0.4 percent at 96.828, giving up most of the previous day's gains. This week both France and Italy reported higher than expected industrial output in February, offering positive signs for the bloc after some downbeat data.
The euro gained on Friday in a move dealers said may have be driven by anticipated currency demand arising from a Japanese bank's plans to purchase a German multi-billion dollar aviation finance business. The euro rose 0.35 percent to $1.1289 EUR= after touching $1.1294, its highest since March 26.

Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from OPEC and its allies.
A weaker dollar helped gold prices to steady on Friday, after bullion fell more than 1 percent in the previous session, and the metal was heading for its first weekly gain in three weeks on dovish central banks and tumultuous stock markets.

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