USD/INR ends down on likely FPI inflows into local debt, weak dlr

The rupee settled at 69.34 against 69.44 at the previous close. The local unit moved in 69.28-69.44 per dollar band intra-day.
USD/INR ends down on likely FPI inflows into local debt, weak dollar. The spot pair extended losses on selling by foreign banks tracking a weak greenback and lower crude oil prices. Dollar/rupee in the non-deliverable forward (NDF) market maturing in one month traded at Rs 69.64/$1 during European trades and Rs 69.60/$1 at start of Indian market Wednesday. It traded at Rs 69.66/$1 at close of Indian market on Tuesday. The spot pair traded at Rs 69.30/$1 compared to its open of Rs 69.42/$1 and previous close of Rs 69.44/$1. It fell to an intraday low of Rs 69.29/$1.

The dollar edged lower for a second consecutive day on Wednesday on growing expectations of a U.S. rate cut next week while high-yielding currencies suffered due to ongoing trade tensions. Against a basket of its rivals .DXY , the dollar edged 0.1 percent lower to 96.64 and just above a 2-1/2 month low of 96.46 hit last week. Trade differences between the world's two biggest economies are starting to reflect in data with Chinese factory inflation slowing in May while recent comments by Fed officials have become increasingly cautious
The single currency was little affected by U.S. President Donald Trump's accusation that Europe was devaluing the euro, which has gained roughly 1.4% against the dollar so far in June.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite expectations of extended supply cuts led by OPEC.
Gold prices gained on Wednesday after hitting a one-week low in the previous session, as fears of escalating U.S.-China trade tensions curbed risk appetite and increased the appeal of safe-haven bullion.

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