India Rupee Snaps 6-Day Gains On Importers, Corporates' Bids

The rupee settled at 68.9675 against 68.5250 at the previous close. The local unit moved in 68.3450 -69.0250 per dollar band intra-day.
The Indian rupee slumped from a seven-and-a-half-month high in early trade to fall for the first time in seven sessions against the dollar, as importers and corporates stepped up greenback buys. Outcome of the Federal Reserve’s two-day monetary policy meeting tomorrow also weighed on investor sentiment. On a technical basis, the dollar/rupee pair witnessed a strong support on the 68.30 levels. There was good demand from oil importers as well as corporates..

The dollar itself is still drifting lower ahead of the Federal Reserve’s Federal Open Market Committee meeting, which begins later Tuesday and concludes Wednesday. A spate of weak economic data has driven 10-year Treasury yields to within 4 basis points of their lows for 2019
British pound is opening Tuesday on a firmer footing after losing nearly 1% against the dollar and euro on the latest outbreak of Brexit-related volatility. Sterling had slid after Prime Minister Theresa May’s plan to force another vote on her EU Withdrawal Agreement was struck down for procedural reasons by the Speaker of the House of Commons John Bercow.

Gold prices rose for a third consecutive session on Tuesday as the dollar weakened on expectations that the U.S. Federal Reserve will maintain a dovish tone at its monetary policy meeting this week.
Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.

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