India Rupee Surges To 7-Month High On Foreign Fund Inflows

The rupee settled at 69.3525 against 69.5350 at the previous close. The local unit moved in 69.25 -69.78 per dollar band intra-day.
The Indian rupee jumped to a seven-month high against the dollar, as foreign fund inflows into local markets erased early losses from the central bank’s decision to conduct foreign exchange swaps to infuse rupee liquidity. The RBI’s step to infuse rupee liquidity via forex swap auction will drive inflows in local debt, while the RBI may also be expecting dollar inflows through the VRR route. Overall, the rupee will appreciate on back of inflows which are in pipeline for next two to three weeks.

The dollar gained on Thursday as the pound fell after a tense vote on Brexit that failed to deliver much clarity on where Britain's relationship with the European Union was headed. The dollar index, a gauge of its strength against six other major currencies, was flat at 96.6554 .DXY . It shed 0.4 percent overnight, at one point brushing a nine-day trough of 96.385.
The British pound edged lower in early European hours on Thursday, easing off Wednesday's nine-month high posted after U.K.lawmakers voted emphatically against leaving the EU without a transitional deal. The pound was down 0.2% at $1.3317 by 4:45AM ET (08:45 GMT), after rallying 2.1% a day earlier.

Oil futures reached four-month highs on Thursday, but later dipped after a report that a meeting between the U.S. and Chinese presidents to resolve a trade dispute had been delayed.
Gold fell on Thursday, breaking below the key technical support of $1,300, as the dollar edged up after UK lawmakers voted against a no-deal Brexit, while gains in European stocks further dented bullion's allure.

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