India Rupee Gains For 2nd Day On Upbeat Risk Sentiment

The rupee settled at 69.7025 against 69.88 at the previous close. The local unit moved in 69.8250 -70.0350 per dollar band intra-day.
The Indian rupee gained for a second consecutive session against the dollar today, helped by upbeat risk sentiment amid changes to the Brexit deal ahead of a vote by U.K. lawmakers. However, further gains were capped after some banks bought dollars likely on behalf of the central bank. However, most traders speculate banks’ dollar bids likely on behalf of the central bank today capped gains. In coming days, investors will watch for possible intervention by the Reserve Bank of India as rupee nears 69.00 levels.

The dollar fell on Tuesday after an apparent breakthrough in Brexit negotiations between the European Union and Britain encouraged buying of riskier currencies. The yen was also lower as investors' mood turned positive following news that British Prime Minister Theresa May had secured legally binding assurances from the EU hours ahead of a parliamentary vote on her Brexit withdrawal deal.
The pound rallied in early European hours on Tuesday after British Prime Minister Theresa May secured last-minute changes from the European Union for her Brexit deal before a crucial vote in parliament later in the day. The pound was up 0.6% at $1.3230 by 4:35AM taking its gains over two days to more than 1.5%.

Oil rose to around $67 a barrel on Tuesday, supported by Saudi Arabia's plan for further voluntary supply curbs in April and by a cut in oil exports from Venezuela due to a power outage.
Gold prices rose on Tuesday as the dollar weakened against the pound after the European Commission accepted amendments to the UK's Brexit deal, although gains were limited as the agreement also buoyed sentiment for riskier assets.

Date	Time	Currency	Event	Actual	Forecast	Previous
12/03/2019	15.00	GBP	Manufacturing Production (MoM) (Jan)	0.8%	0.2%	0.2%
12/03/2019	15.00	GBP	Monthly GDP 3M/3M Change	0.5%	0.2%	0.4%

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