USD/INR ends down on likely FII inflows into the local stocks, lower

The rupee settled at 69.66 against 69.67 at the previous close. The local unit moved in 69.6150 -69.80 per dollar band intra-day.
USD/INR ends down on likely FII inflows into the local stocks, lower. As on Wednesday tracking lower crude oil prices and on likely FII inflows into the local stocks. However, with investors largely staying cautious ahead of election results, volumes were thin. Dollar/rupee in the non deliverable forward (NDF) market maturing in one month traded at Rs 69.94/$1 during European trades and Rs 69.97/$1 at start of Indian market Wednesday. The pair traded at Rs 70.00/$1 at close of Indian market on Tuesday.

The U.S. dollar was hovering near one-month highs against a currency basket on Wednesday, supported by higher U.S. Treasury yields after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei. The move came as a reprieve for markets which had been roiled by fears over the escalating trade war but investor sentiment remained subdued as investors monitored the increasing involvement of tech companies in the trade spat.
The euro was little changed, with EUR/USD at 1.1153 as investors remained wary ahead of European Union elections due to start on Thursday. Eurosceptic parties are widely expected make a strong showing, which could hamper approval of the next European Commission president and budget.

Gold prices held near the more than two-week low hit in the previous session on Wednesday as the dollar strengthened, while signs of an escalation in Sino-U.S. trade tensions weakened risk appetite and limited further declines.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.

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