USD/INR ends up on oil bids, strong dlr

The rupee settled at 68.9125 against 68.8025 at the previous close. The local unit moved in 68.89-69.0450 per dollar band intra-day.
USD/INR ends up on oil bids, strong dlr. Nationalised banks including Bank of Baroda and Bank of India were on the buy-side today. PSBs bought most likely for oil importers. Dollar/rupee ended at Rs 68.9125/$1 Monday compared to previous close of Rs 68.80/$1. Crude oil prices continued easing after US government data showed large builds in refined product stockpiles. The greenback weakened against its major counterparts weighed down by lower US yields.

The dollar pushed higher against the yen on Monday as investors tempered expectations for an aggressive Federal Reserve interest rate cut later this month. Trump maintained pressure on Beijing last week by renewing a threat to impose tariffs on another $325 billion of Chinese goods, even as hopes grew that the two sides could soon resume face-to-face negotiations in a bid to end their year-long trade war.
The euro weakened to $1.12 in Asian trading as the dollar gained on safe-haven demand amid rising tensions in the Middle East. Positioning data published last week showed that investors remain net long of dollars, unchanged from the previous week.

Gold prices gained on Monday following a steep fall in the previous session as tensions in the Middle East and weaker financial markets supported the metal, while a stronger dollar kept a lid on gains. U.S. gold futures GCv1 were up 0.1% at $1,427.80 an ounce.
Oil prices rose sharply on Monday on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.

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