India Rupee Falls To 1-Week Low On Importers' Dollar Bid

The rupee settled at 69.42 against 69.15 at the previous close. The local unit moved in 69.04-69.45 per dollar band intra-day.
The Indian rupee fell for a second session to close at a one-week low against the dollar, as oil and other importers stepped up mid-month dollar purchases. Some mid-month dollar demand from importers and crude oil prices hovering near $71 per barrel weighed on the rupee. While depreciation was also due to some outflows happening in the market. All eyes are now set on the release of the trade data and if the exports rise accompanied by slight fall in imports, then rupee’s appreciation is likely.

The dollar was slightly lower in early trading in Europe Monday, as risk assets around the world benefit from last week’s events that included an encouraging start to earnings season in the U.S. and further signs that the Chinese economy is regaining momentum.
Euro/dollar has been stuck in a tight range in 2019 as a dovish shift in the Federal Reserve's monetary policy outlook was offset by the European Central Bank's similar stance.
Sterling rose to $1.31 GBP=D3 , bobbing around the same levels it has for much of the past week. Volatility has fallen since the European Union and British government last week delayed Brexit until October. Yen weakens vs U.S. dollar.

Oil prices halted their rally on Monday with Brent futures falling below $71 per barrel on signals that Russia may exit production cuts. Brent crude were at $70.95 a barrel, down 60 cents, or 0.85%.
Gold prices inched down on Monday to a more than one-week low as progress in U.S.-China trade talks lifted risk sentiment, taking sheen off safe-haven bullion even as the U.S. dollar weakened. Spot Gold edged 0.3% lower to $1,286.74 per ounce.

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