India Rupee At 10-Wk High On Strong Shares; RBI Likely Steps In

The rupee settled at 69.5350 against 69.7050 at the previous close. The local unit moved in 69.43 -69.79 per dollar band intra-day.
The Indian rupee jumped to a 10-week high to rise for a third session against the dollar, on greenback sales by exporters amid strength in local shares that increased hopes of foreign fund inflows. Rupee opened weaker, but recouped losses once the oil bids were absorbed by exporters. The 69.50 level was an immediate resistance for the local unit, which was broken as the foreign fund inflows have been strong and FIIs have been bringing funds in last few sessions, A weaker dollar index also helped apart from the rising stock market.

The British pound is higher against the dollar and euro in early trading in Europe Wednesday, as the market leans on balance towards believing that Brexit will be softened, delayed or even cancelled. The U.K. parliament rejected the government’s deal on leaving the European Union for a second time on Tuesday, effectively killing it as the EU has said it isn’t prepared to negotiate any more on the terms of leaving.
The dollar index, which measures the value of the greenback against a basket of six major currencies, was at 96.94, practically unchanged. The House of Commons is due to vote later Wednesday on whether to leave the EU without a deal on March 29.

Oil prices rose on Wednesday, buoyed by an official forecast showing slower-than-expected U.S. production, and as U.S. sanctions stall exports from Venezuela.
Gold rose to a near two-week peak on Wednesday, holding above the key $1,300 mark as uncertainty over Britain's exit from the European Union drove investors to safe haven assets. U.S. gold futures GCv1 rose 0.8 percent to $1,308.50.

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